Bulgarian Government Promises $284 Million For Affected Businesses In Bulgaria

Bulgaria will provide $284 million to help businesses affected by the coronavirus pandemic to service loans, the finance minister said on Monday, adding the government would also provide support to limit the numbers companies have to lay off.

The Balkan country has 62 confirmed cases of coronavirus, including two deaths.

It has imposed a state of emergency and closed schools, bars, restaurants, clubs and shopping malls. Bulgaria’s tourism sector is also facing a serious hit as holiday-makers cancel vacations.

Two large winter resorts in Pirin and the Rhodope mountains closed their ski facilities on Monday after a British tourist in the ski resort of Bansko tested positive for the virus.

“We are preparing two measures. One is linked to employment and the other is to provide buffers to companies who have credits and are concerned about servicing them in the next couple of months,” Finance Minister Vladislav Goranov said.

Goranov said the state would be willing to pay for three months 60% of the salaries of any workers companies plan to lay off as a consequence of measures to limit the virus outbreak, provided they keep them on staff. On Sunday, the government had been considering such support for only a month.

The government plans to boost the capital of the state-run Bulgarian Development Bank by 500 million levs ($284 million) to help businesses service their loans, he said.

The funds will be used to issue portfolio guarantees to commercial banks to allow them to be more flexible with companies that have difficulty servicing loans.

The bank will also be able to take temporary stakes in companies that need capital support, with a buyback option, he said. The option will be applied in cooperation with creditor banks.

Read More

Bulgaria To Try H2 Cars

The country is “talking about it” announced the Mayor of Sofia, Yordanka Fandakova, at the opening of the Hydrogen Summit in Sofia at the...

1 in 5 Bulgarian Women Leave Their Job In I.T. Due To Gender Pay Gap

According to an international study conducted by Tek Experts, a significant number of women are considering leaving the IT sector because of unfair remuneration and gender...

Bulgaria To Seek To Buy 150 Armored Vehicles

Bulgaria has sent a request to four European countries for proposals for 150 armored vehicles, the defense ministry said on Tuesday, reports Reuters.

Recent

Spas Rusev Favorite To Become CEO Of Telekom Romania

Bulgarian businessman Spas Rusev is favorite to take over the mobile division of Telekom Romania, the local subsidiary of German group Deutsche...

Bulgarian Army Numbers Grew In 2018

At the end of last year, for the first time in the last years, the troops arrived in the Bulgarian Army were...

Equinix Opens Second Data Center In Bulgaria For $19 Million

Equinix officially opened its second data center in Bulgaria and the event was attended by US Ambassador to Bulgaria Eric Rubin. The...