site.btaEIB Signs Memorandum of Understanding with Bulgaria to Improve Use of EU Funds

EIB Signs Memorandum of Understanding with Bulgaria to Improve Use of EU Funds
EIB Signs Memorandum of Understanding with Bulgaria to Improve Use of EU Funds
EIB Vice-President Lilyana Pavlova and Bulgarian Finance Minister Assen Vassilev (EIB Photo)

The European Investment Banks (EIB) said Thursday that it has signed a memorandum of understanding with the Bulgarian government to enhance Bulgaria’s project preparation and 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.

The two met in Sofia on June 7 to sign the memorandum of understanding.

Sofia has identified several broad areas where additional support would be required during the recently started 2021-2027 programming period. Under this memorandum of understanding, separate project advisory support service agreements (PASSAs) will be signed between the EIB and specific Bulgarian beneficiaries or final recipients and/or managing authorities.

Assen Vassilev is quoted as saying at the signing event that the 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 recalls that it 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.

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By 20:13 on 08.08.2022 Today`s news

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