EU Funds to Revitalize 6 Major Bulgarian Cities

Bulgaria's second largest city of Plovdiv is among those to be revitalized. File photo

Six major cities in Bulgaria will be revitalized with money provided by private investors and from the JESSICA funds.

The investments will be addressed to urban projects located in the cities of Plovdiv, Varna, Burgas, Ruse, Stara Zagora and Pleven in the next four years, the European Investment Bank has revealed.

The European Investment Bank (EIB), in its capacity as the Manager of the JESSICA Holding Fund Bulgaria, has concluded an agreement establishing an Urban Development Fund with "Regional Urban Development Fund" ("UDF") to invest in Urban Projects in the aforementioned cities.

The UDF is established as a joint stock company by Societe Generale Expressbank, Elana Holding, Elana Investment and Balkan Advisors, namely the members of a Consortium led by Soci?t? G?n?rale Expressbank, to invest approximately EUR 18.8 M of JESSICA funds and approximately an additional EUR 37.6 M of its own funds (in total EUR 56.4 M) in the next four years into urban projects in the major Bulgarian cities.

The JESSICA investment portfolio in these cities may include projects to rehabilitate deprived urban areas, basic infrastructure works, energy networks and energy efficiency in the context of a wider urban development plan, etc.

The Bulgarian Regional Development Ministry established a JESSICA Holding Fund within EIB with the aim of deploying EU Structural Funds for revitalization investments in city areas. The respective Funding Agreement was signed on 29 July 2010.

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