Sofia, Bulgaria: European Commission (EU) has given a green signal to Bulgaria’s 30.7 million euro ($33.9 million) scheme. The approval has been given by the commission authorities on Friday, March 18, 2022.
This scheme of the Bulgarian government will provide significant support to the air carriers, who had been affected by the novel coronavirus pandemic. EU noted that this scheme meets the standards of the framework.
According to the statement of the European Commission, “The Commission discovered that the Bulgarian scheme is in line with the conditions set out in the Temporary Framework. In particular, the support will not exceed 12 million euro per beneficiary under the first type of support and 2.3 million euro per beneficiary under the second type of support”.
This scheme of the Bulgarian administration will manage to meet the air carriers’ liquidity requirements as well as will assist them in continuing their operations even during and after the COVID-19 pandemic ends.
EU officials informed that the scheme comprises of 2 types of support, and under both, the assistance will be given in the form of direct grants, which will be prior to June 30 of the ongoing year.
The first type of support:
It gives assistance to the uncovered fixed costs for the air carriers, who faced an annual decrease in the turnover of at least 30% during the time period of March 2020 and December 2021.
The second type of support:
It comprises of the limited amounts of assistance for the firms, those who suffered a downfall in turnover lower than 30% in the year 2020, compared to the same period of 2019.
Moreover, the Bulgarian air carriers of all sizes who are having Bulgaria’s operating licence are also eligible of taking finance assistance under these two types of support schemes.