- The EIB support will enhance Bulgaria’s project preparation to improve the country’s use of EU funds.
- The EIB could also support institutional capacity building measures and assist in the preparation or update of sector strategy documents and investment plans.
- EIB Vice-President Lilyana Pavlova and Deputy Prime Minister for EU Funds and Minister of Finance Assen Vassilev expressed satisfaction with the continuation of advisory services in Bulgaria.
According to the memorandum, the European Investment Bank (EIB) will provide support to the government of Bulgaria to contribute to the effective, efficient and timely preparation and implementation of projects or investment programmes financed by EU funds. Considering the government of Bulgaria’s needs and EIB’s role as the European Union’s long-term lender, the Bank will also be able to support institutional capacity building measures and assist the Bulgarian government in the preparation or update of strategy documents and investment plans for specific sectors.
EIB Vice-President Lilyana Pavlova and Deputy Prime Minister for EU Funds and Minister of Finance Assen Vassilev met on 7 June in Sofia to sign a memorandum of understanding on project support between the government of the Republic of Bulgaria and the EIB for these advisory services.
The government of Bulgaria has identified several broad areas where additional support would be required during the recently started 2021-2027 programming period. Under this memorandum of understanding and subject to agreement between the Bulgarian government and the EIB, separate project advisory support service agreements (PASSAs) will be signed between the EIB and specific Bulgarian beneficiaries or final recipients and/or managing authorities.
EIB Vice-President Lilyana Pavlova said: “The EIB has provided key support related to the preparation of strategic documents, assisting in project delivery and institutional capacity building to the Bulgarian authorities so far. The signature of the memorandum of understanding is a logical continuation of our successful PASSA advisory services in Bulgaria. We are looking forward to extending our tailor-made support to the government, managing authorities and other beneficiaries in climate action projects covering areas including water, wastewater, solid waste and the just transition projects across the country to strengthen the social and economic impact of new investment and address local employment, education and financing challenges.”
Bulgarian Deputy Prime Minister for EU Funds and Minister of Finance Assen Vassilev said: “I am delighted that we continue the cooperation with the European Investment Bank in the new programming period and on the Recovery and Resilience Plan. Our joint work with the EIB will ensure transparency and control in the spending of funds, as well as significant complementary funding for projects that are of key importance to our country.”
The project support received by the beneficiaries or final recipients and managing authorities in support of the government of Bulgaria’s action — and granted by the EIB under this memorandum — is expected to be financed under the relevant programme or other EU funds allocated to Bulgaria.
The memorandum will expire at the end of the disbursement period of the applicable EU funds under the 2021-2027 programming period, currently planned to be 31 December 2029.
The impact of climate action, just transition and environmental sustainability investment across Bulgaria will be enhanced by technical and best-practice support provided by a dedicated team of EIB experts already based in the country.
The EIB’s tailor-made project advisory support for Bulgaria so far
The EIB has worked closely with Bulgaria since 1992 and supported its economy with around €5.7 billion. The Bank supports investment projects that reduce disparities in regional development and strengthen economic competitiveness. The EIB also helps Bulgarian businesses suffering from the economic consequences of the coronavirus pandemic. Bulgaria is one of the targeted beneficiaries to which the Bank provides technical assistance.
Project advisory support service agreements (PASSAs) help projects funded by the European Union. Their objective is to accelerate project execution and speed up EU structural and investment fund use. Our agreements are flexible instruments offering tailor-made advisory services to project teams and local administrations responsible for public sector investments. Our experts and consultants deliver advisory services that focus on strategic infrastructure projects and public procurement systems. We provide hands-on support during all phases of project delivery, and where needed during project preparation. We work closely with the local teams and authorities at all times to ensure knowledge transfer to local staff.
The last PASSA memorandum of understanding was signed in December 2015. Under this agreement, the EIB supported the implementation of projects across Bulgaria in the water, wastewater, solid waste and transport sectors. The EIB currently provides technical assistance in the water sector to monitor project implementation and help solve implementation issues over a five-year period. Our support focuses also on the newly established water operators covering almost the entire country.