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Bulgarian Parliament set to approve JESSICA by end of October 2010

Wed, Sep 29 2010 10:07 CET 1593 Views
Bulgarian Parliament set to approve JESSICA by end of October 2010

Photo: Julia Lazarova

The Bulgarian Parliament is expected to ratify by the end of October 2010 an agreement with the European Investment Bank (EIB) to set up a holding fund under Joint European Support for Sustainable Investment in City Areas (JESSICA).

The announcement was made by regional development minister Rossen Plevneliev, who on September 28 2010 attended a conference hosted by the City of Athens Development Agency (AEDA) and the Confederation of Employers and Industrialists in Bulgaria (CEIBG).

Ratification of the agreement will give the green light to seven Bulgarian cities to gain access to loans worth a combined 33 million euro, the funding granted to Bulgaria under the initiative.

The eligible cities that can submit projects include Sofia, Plovdiv, Stara Zagora, Bourgas, Varna, Rousse and Pleven.

The 65 million leva will be provided by the European Regional Development Fund (ERDF) and will be managed by the European Investment Bank (EIB).

The EIB will use the money to set up two smaller urban development funds, including one for Sofia with a capital of 26 million leva and another one for the remaining six cities with a capital of 39 million leva.

The sub-funds will be managed by financial institutions that will be selected through tender procedures.

Money is expected to start flowing to municipalities and businesses from mid-2011.

Source: Dnevnik.bg

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