JESSICA Holding Fund in Bulgaria
On the 27th of May 2009 the Government of the Republic of Bulgaria and the European Investment Bank (EIB) signed a Memorandum for Understanding stating their willingness to cooperate in the field of the JESSICA initiative implementation in Bulgaria.
Following the signature and the ratification of the Funding Agreement by the National Assembly of Republic of Bulgaria on the 19th of October 2010 the JESSICA Holding Fund for Bulgaria has been organized as a separate block of finance within the EIB in which contributions amounting at 33 mln. euro have been received from Operation 1.4. “Improvement of Physical Environment and Risk Prevention” under Priority Axis 1 “Sustainable and Integrated Urban Development” of the Operational Programme Regional Development 2007-2013.
The European Investment Bank manages and administers the JESSICA Holding Fund and the JESSICA Action for and by the name of the OPRD Managing Authority according to the clauses laid down in the ratified Funding Agreement, and with the decisions and the supervision of the Investment Board.
The JESSICA Holding Fund for Bulgaria administers financial resources in support to sustainable investments in urban development projects through investments by investing in 2 (two) Urban Development Funds – one UDF for the capital of Sofia and one UDF for the 6 largest cities – Plovdiv, Varna, Bourgas, Rousse, Stara Zagora and Pleven. The Holding Fund should invest by means of the UDFs in operations for the realization of activities related to urban development projects according to the approved Investment Strategy to the Funding Agreement for the implementation of the JESSICA initiative in Bulgaria.
„EIB’s official JESSICA website“ http://www.eib.org/products/jessica/index.htm
Last modified: Wednesday, August 08, 2012 1:06 PM