(NW) Extra Fundsfor Urban Development to Be Raised

January 17 (BTA) – The Fund Manager of Financial Instruments in Bulgaria (Fund of Funds) on Friday signed a Memorandum of Understanding with the European Investment Bank (EIB) and the FLAG Fund in partnership with the Bulgarian Consultancy Organization. The memorandum aims at creating a Bulgarian Urban Investment and Advisory Platform and establish a mechanism for cooperation regarding enhanced opportunities for financing of urban development in Bulgaria. It is also expected to prepare public authorities and their partners for the implementation of integrated territorial investments, which are planned to be available under the Programme for the Development of Regions in the next programming period 2021-2027. The mechanism aims to ensure synchronization in the efforts of the Parties when providing support for the development of Bulgarian cities, as well as to improve the efficiency of the investment process from the European Structural and Investment Funds. The platform will provide resources that will complement the already available support for urban development, managed by the Fund, including 353.3 million leva under Operational Programme Regions in Growth 2014-2020 and 66 million leva under Operational Programme Rural Development 2007-2013 (the JESSICA initiative). As a follow-up, the EIB is expected to provide additional funds, which will assist the Bulgarian municipalities and will also extend the scope of the achievements so far by the Fund of Funds. In addition, a funding agreement for advisory services was signed between the Fund of Funds and the EIB, worth 200,000 euro, provided on a project basis. //