The Fund for Sustainable Urban Development of Sofia to invest BGN 50 mln in projects for sustainable urban development

 
The urban development projects will be financed by the Fund for Sustainable Urban Development of Sofia via the initial financial transfer of BGN 50 mln, stated Minister of Regional Development and Public Works, Liliana Pavlova, upon signing the agreement on the setting up of the structure with the Mayor of Sofia Yordanka Fandakova. The subsidy of BGN 25 mln will be granted under the financial instruments JESSICA Holding Fund, while the remaining BGN 25 mln will be provided by the FLAG Fund. The Fund will finance projects which lack budgetary funding or financial resources under Operational Programmes (OPs). Via these financial tools, funds might be awarded for interesting projects or business plans, which will be evaluated afterwards for the possibility of return on investment, which will actually determine the funding. The plans may be directed towards the construction of amusement parks, attractions, parking lots, garages and markets. The funding cannot be granted to local companies, private investors and public-private partnerships. The money from the Fund may be utilised until 2015. "Our aim is, over the next programming period 2014-2020, for the resource to be at least doubled and for this initiative to become sustainable," commented Pavlova.

"The most up-to-date project is the complete reconstruction of Zhenski Pazar (Women's Market)," said Fandakova. She explained that, within three months, the Sofia municipal company "Markets Revival" must draft an operational design for the complete reconstruction of the market.

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