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EU Metes Out 1,2 Billion Euros for Bulgarian Companies

By 2013, private sector companies in Bulgaria will have to have absorbed 1,2 billion Euros of EU funds to develop their business. Yesterday, Bulgarian Minister of Economy Petar Dimitrov gave a start of the first three projects under the operative program Development of the Competitiveness of the Bulgarian Economy. Twenty-five million Euros is the amount of funding Brussels has earmarked for technological modernization of the small and medium-sized Bulgarian enterprises. All application documents must be submitted no later than January 22, 2008. The minimum amount that a company will be able to apply for is 50 000 Euros. The maximum will be 2 million. The budget envisaged for introduction of the international standards and quality management systems is 5 million Euros. Applications will be accepted until January 15 2008. The newly started innovative companies will also benefit from the program. They will be able to absorb as much as 4 million Euros under it.