Оn 18.01.2021, three months after the official ratification of the Agreement between the European Investment Bank (EIB) and Fund FLAG, the Bulgarian Urban Investment and Advisory Platform signed its first contracts for financing eligible projects. The Borrower under these contracts is Maglizh municipality and the total value of the approved investments is BGN 2,291 million.

The loans provide additional support for implementation of projects, included in the investment program of the municipality, namely:

  • Delivery and installation of air conditioning and hybrid photovoltaic 30KW systems in the city of Maglizh and in Yulievo village. The implementation of the project will contribute to improving energy efficiency by providing energy from independent renewable sources, in compliance with the requirements for environmental protection and development of green and ecological territories.
  • Restoration and major renovation of an existing building – mineral bath in the village of Yagoda, Maglizh municipality. The project will contribute to increasing the regional tourist potential through renewal and adaptation of the rich natural and cultural-historical heritage of the municipality. Some of the main goals of the project are increasing the employment levels, increasing the accommodation capacity in the municipality and diversification of the existing tourist product portfolio. The implementation of the project will restore and enhance the use of the natural resources in the region.
  • Construction of a safety fence which will improve road conditions and road safety. The project activities are mainly focused on overcoming the occurrence of serious traffic accidents in Maglizh municipality.

Support from European Investment Bank was crucial for Bulgarian Urban Investment and Advisory Platform realization. Fund FLAG continues to provide lending under favorable conditions in order to encourage settlements renovation in Bulgaria. The Platform scope is linked with investments for urban green spaces, open public areas, renovation and reconstruction of public buildings, sustainable public transport, small-scale municipal infrastructure modernization and measures for climate change to adaptation.