February 7 (SeeNews) - The European Investment Bank (EIB) has provided a new loan of 40 million euro ($42.9 million) to Bulgaria’s Fund FLAG to support projects in municipalities across the country, the fund said.
The financing will back investments aimed at renovation, improvement and development of the urban environment and implementation of energy efficiency measures, Fund FLAG said in a statement on Monday.
Municipal projects will be financed through the fund's platform, which could provide nearly 200 million levs ($109.6 million/102.3 million euro) in total, including the new loan.
In September 2020, Fund FLAG secured a 25 million euro loan from the EIB to support urban regeneration and rehabilitation in cities across the country.
Fund FLAG was established in 2007 as an instrument of the central government policy for regional development. The mission of the fund is to support Bulgarian municipalities and public companies to develop local infrastructure and provide public services.
($ = 0.9326 euro)