The European Commission has approved OP Innovation and Competitiveness 2014-2020.
About EUR 1.39 billion will be invested in the development of the Bulgarian economy, of which EUR 1.18 billion coming from the European Regional Development Fund (ERDF). National co-financing amounts to EUR 209 million.
The program aims to stimulate economic growth and increase productivity, especially of small and medium enterprises (SMEs). Special focus is placed on cooperation between business and research networks, and enhancing entrepreneurial activity in Bulgaria. Financial instruments such as bank loan guarantees and equity investments will play a key role in achieving those objectives.
In addition, the programme will also support measures to improve efficient use of resources in companies and increase their energy efficiency.
Expected results by the end of the programming period include: support for more than 9000 companies through grants and financial instruments; mobilization of over EUR 1 billion in private investments; increase the share of innovative businesses and the productivity of SMEs. Program measures also aim to contribute to reducing the energy consumption of the economy.