Additional funds are mobilized for the development of Bulgarian cities

A Memorandum of Understanding has been signed between the Fund of funds and the EIB and the FLAG fund

A Memorandum of Understanding was officially signed, aiming at creation of a Bulgarian Urban Development Investment and coordination platform between the European Investment Bank (EIB), Fund of funds (FMFIB) and the FLAG fund. The platform will establish a mechanism for cooperation between the stakeholders in relation to the enhanced opportunities for financing of infrastructure in Bulgaria. Document was signed at a ceremony in the Ministry of finance by the EIB Vice President Lilyana Pavlova, the Executive Director and member of the MB of Fund of funds Svetoslava Georgieva and the Executive Director of FLAG Nadya Dankinova. The platform will provide resources that will complement the already available support for urban development, managed by the Fund of funds, including BGN 353,3 Million under the OP „Regions in Growth 2014-2020“ and BGN 66 Million under the OP „Regional Development 2007-2013“ (the JESSICA initiative). It is expected that, as a follow-up of the signing of the Memorandum, the EIB will ensure provision of additional funds intended for support of the Bulgarian municipalities. It is envisaged also, after the implementation of objectives, the FLAG to continue its successful partnership with the Bulgarian Consultancy Organisation, with which they jointly participate in the management of tow of the Urban Development Funds, financed by the Fund of funds. „As EU Bank, it is our commitment to provide assistance to the EU member states and our clients, in order to facilitate the preparation, development and financing of priority projects, which contribute to the economic growth and improve the quality of life of EU citizens”, commented Lilyana Pavlova.