Reference: 20190773
Release date: 7 April 2020

Promoter – Financial Intermediary

FUND FOR LOCAL AUTHORITIES AND GOVERNMENTS IN BULGARIA - FLAG EAD - SOFIA

Location

Description

The operation consists of a framework loan to FLAG to support the modernization and expansion of the urban infrastructure of municipalities across Bulgaria. The loan will be additional to the investments supported by the urban development Decentralized Financial Instruments (DFI) in Bulgaria and will cover smaller scale investments in multiple sectors.

Objectives

The project is aimed at supporting multiple investments in urban regeneration and renewal of municipal infrastructure, energy efficiency in public buildings, open green areas, and sustainable urban transport. It is expected to achieve positive environmental and social impacts and contribute to the improvement in the quality of life for local residents and in the attractiveness and competitiveness of cities.

Sector(s)

Proposed EIB finance (Approximate amount)

EUR 25 million

Total cost (Approximate amount)

EUR 50 million

Environmental aspects

Compliance with the relevant EU Directives will be verified during appraisal stage: Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the EIA Directive 2011/92/EU, SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. The status of any environmental studies and public consultations related to the investments will be reviewed during project appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU will also be further assessed.

Procurement

The Bank will require the Promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation: Directive 2014/23/EU, 2014/24/EU and/or 2014/25/EU, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC, as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 27/07/2020

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Related tags

Bulgaria Urban development