07.07.2022

Deputy Prime Minister and Minister of Finance Assen Vassilev and EIB Vice-President Lilyana Pavlova signed a memorandum of understanding to improve the use of EU funds. According to the memorandum, the European Investment Bank (EIB) will provide support to the government of Bulgaria to enhance the country’s project preparation in order to contribute to the effective, efficient and timely preparation and implementation of projects or investment programmes financed by EU funds in view to improving the use of EU funds. In the framework of this support the European financial institution will also be able to support institutional capacity building measures and assist in the preparation or update of strategy documents and investment plans for specific sectors.

During the ceremony Deputy Prime Minister for EU Funds and Minister of Finance Assen Vassilev said: “I am delighted that we continue the cooperation with the European Investment Bank in the new programming period and on the Recovery and Resilience Plan. Our joint work with the EIB will ensure transparency and control in the spending of funds, as well as significant complementary funding for projects that are of key importance to our country.”

 “The EIB has provided key support related to the preparation of strategic documents, assisting in project delivery and institutional capacity building to the Bulgarian authorities so far.  The signature of the memorandum of understanding is a logical continuation of our successful PASSA advisory services in Bulgaria. We are looking forward to extending our tailor-made support to the government, managing authorities and other beneficiaries in climate action projects covering areas including water, wastewater, solid waste and the just transition projects across the country to strengthen the social and economic impact of new investment and address local employment, education and financing challenges,” EIB Vice-President Lilyana Pavlova said.

The government of Bulgaria has identified several broad areas where additional support would be required during the 2021–2027 programming period. Under this memorandum of understanding and subject to agreement between the Bulgarian government and the EIB, separate project advisory support service agreements (PASSAs) will be signed between the EIB and specific Bulgarian beneficiaries or final recipients and/or managing authorities. The project support granted by the EIB and received by the beneficiaries and managing authorities under this memorandum will be financed under the relevant programme or other EU funds allocated to Bulgaria. The impact of climate action, just transition and environmental sustainability investment across Bulgaria will be enhanced by technical and best-practice support provided by a dedicated team of EIB experts already based in the country.