EBRD Lends Further 35 Mln Euro for Municipal Projects in Bulgaria
Monday, 11 November 2013
The European Bank for Reconstruction and Development (EBRD) said it is lending a further 35 million euro ($48.7 million) to back municipal infrastructure projects in Bulgaria.
The loan will be extended to the Bulgarian Fund for Local Authorities and Governments (FLAG) to expand the fund’s lending to Bulgarian municipalities for co-financing of EU post accession grants, the bank said in a statement.
It is an extension to an existing 35 million euro credit line, of which 60% will be syndicated while the EBRD will retain an additional 14 million euro for its own account.
The bank developed the extension to the original loan to help FLAG continue to support the absorption of EU grants, the EBRD said, adding that the fund has experienced a strong increase in demand for funding as the 2008-2013 EU operating programme framework is coming to an end.