FINANCE

React EU

The government approved an indicative financial allocation under the 2014-2020 operational programmes of the funds from the new EU instrument REACT-EU, to help address the effects of the COVID-19 pandemic crisis

The Government adopted a Decision of the Council of Ministers approving an indicative financial allocation under Operational Programmes 2014-2020 of the EU funds in support of overcoming the effects of the crisis caused by the COVID-19 pandemic and preparing for an environmental, digital and sustainable recovery of the economy (REACT-EU).

The REACT-EU instrument is a part of the Europe Recovery Plan agreed on by the leaders of the EU Member States in the framework of the European Council on 17-21 July. The instrument's budget amounts to EUR 47.5 billion, the indicative amount of the funds for Bulgaria is EUR 656 million or BGN 1.283 billion. The final financial allocation should be available in October this year. Member States may use the resources of this Instrument for measures to help address the effects of the COVID-19 pandemic in the regions whose economy and jobs have been more severely affected. An increase in the funds under the Programmes under the European Assistance Fund for the Most Deprived is also admissible.

The tool is seen as a natural extension of the Investment Initiative in response to Coronavirus, an initiative which mobilizes funds from national operational programmes to combat COVID-19 and address the socio-economic consequences of the crisis.

 

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