Gov't launches circular economy procedure under recovery plan

<p>The Ministry of Innovation and Growth<em> (BTA photo)</em></p>

The Ministry of Innovation and Growth (BTA photo)

SOFIA, Bulgaria – The Ministry of Innovation and Growth launched a circular economy procedure under the National Recovery and Resilience Plan, the Ministry's press office said here on Friday.

The measure has a budget of BGN180 million.

Micro, small, medium and large manufacturing enterprises may apply for funding under it.

The procedure is aimed at speeding up the transition of manufacturing businesses to a circular economy through more efficient use of resources and adoption of climate-neutral methods and technologies for the manufacture and consumption of products, the Ministry said.

Companies may bid for funding either separately or in groupings.

The amount of grant aid which a bidder may get varies from BGN 70,000 for companies of all sizes to BGN 350,000 for micro businesses, BGN 550,000 for small businesses, BGN 750,000 for medium businesses and BGN 1 million for large enterprises.

Co-funding ranges from 20 percent to 50 percent, depending on the company's category and the place where the project is implemented.

The money may be used to buy machinery, installations, equipment or computer software to limit environmental damage and support investments in minimizing waste and reducing plastics use while phasing in alternative materials, including materials of biological origin, and raising the standards of environment-friendliness.

Project proposals may be submitted until 4:30 p.m. on October 3 via (BTA)