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A €35 million loan for the municipalities given by EBRD

Submitted on Thursday, 16 July 2009No Comment

The European Bank for Reconstruction and Development will give a second loan of another €35 million to the Bulgarian Fund for Local Authorities and Governments (“FLAG”).

The government approved of the loan, announced the Bulgarian National Radio.

The money from the Fund will be used for loans for the municipalities. They apply for funding through the Cohesion and structure funds of the EU.

With the funds, the local authorities cover the needed co-financing and VAT expenses for their projects. The signed contracts so far are for 33,5 million euro. The others are still under consideration.

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