The European Commission (“EC”) and the European Investment Bank (“EIB”) have developed an initiative for supporting urban development. Through JESSICA financial engineering instrument, Bulgaria is provided with the opportunity to allocate part of its EU Structural Funds for investments in projects forming part of relevant integrated plans for sustainable urban development and regeneration (“Integrated Plans”).
The Regional Urban Development Fund AD (the “Fund”) has signed an Operational agreement with the EIB. The Fund scope of activity is investment in urban development projects (“Projects”) in the six largest Bulgarian cities outside Sofia, namely Plovdiv, Varna, Bourgas, Stara Zagora, Rousse and Pleven (the “Cities”).
Investment Policy Objectives
The overall objective of the Fund is to foster sustainable and balanced development of the Cities for better quality of life and increased welfare of their citizens.
In accordance to the overall objective, specific objectives are:
- Support regional authorities in the identification of sustainable solutions for satisfaction of urban and social needs;
- Innovate in developing revenue-generating public, public-private and purely private Projects;
- Act as an independent financial vehicle for assisting the integrated urban development;
- Act in a socially responsible manner;
- Innovate in the integration of Cities with nature;
- Reduce Cities’ ecological footprint.