The Ministry of Innovation and Growth announced in a press release that almost BGN 3bn will be invested in the development of Bulgarian business under the new Program Competitiveness and Innovations in Enterprises (PCIE), which is continuation of the Operational Program Innovation and Competitiveness (OPIC). The new program is yet to be approved by European Commission and its implementation is expected to start at the end of 2022. The funds will be allocated mainly towards micro, small and medium enterprises (SMEs), including high-tech start-ups and those at various stages of development. Bulgarian business will be able to use both grants and financial instruments. The ratio of the two types of funding under the Program is almost 50:50. The main priorities of the new funds are Innovation and Growth and Circular Economy. Investments under the former will mainly be directed to research and development activities in enterprises, increasing export potential, creation of new or development of high-tech companies, protection of patents and industrial property. In addition to greater energy independence, the second priority will provide funding for more efficient use of resources, development of new green production lines, increasing the use of by-products and secondary raw materials and better recycling.