Bulgarian Parliament Ratifies Memorandum of Understanding on Implementation of EEA Financial Mechanism In 2021-2028

Parliament approved, at both first and second reading during a single sitting, a bill submitted by the Council of Ministers to ratify the Memorandum of Understanding on the implementation of the European Economic Area Financial Mechanism for the period 2021–2028 between Bulgaria and Iceland, Liechtenstein and Norway.

The bill was supported by 104 MPs from Progressive Bulgaria, 14 from GERB-UDF, 14 from the Movement for Rights and Freedoms, 11 from Democratic Bulgaria and one from We Continue the Change. Ten MPs from Vazrazhdane voted against.

Under the Memorandum of Understanding, Bulgaria will receive financial assistance amounting to EUR 119,256,101 for the period from May 2021 to April 2028, aimed at reducing economic and social disparities within the European Economic Area and strengthening bilateral relations with the donor countries. Co-financing of EUR 18,834,706 is also envisaged. The net amount Bulgaria will receive, after deducting funds allocated for management by the donor countries and other expenses, is EUR 110,908,174.

The financial assistance will be used to fund projects in the thematic priority areas of the European green transition; democracy, the rule of law and human rights; and social inclusion and resilience.