We are happy to share that DGKV advised Fund Manager of Financial Instruments in Bulgaria EAD (“Fund of Funds”) on the structuring and launching of a EUR 180.5 mln public procurement procedure for selection of financial intermediaries for the Urban Development Fund under the Operational Program “Regions in Growth” 2014-2020, co-financed by the European Structural and Investment Funds.
Through this innovative for Bulgaria financial instrument, the Fund of Funds aims to improve the access to financial resources in the regions, multiplying public resources by attracting private capital for investments creating economic growth. The allocated funds shall be provided for financing and guaranteeing certain losses in connection with the financing of eligible investment projects under conditions of shared risk. The resources shall be concentrated in the areas covering urban development, energy efficiency, tourism and cultural heritage. The Priority Axes on which the funds shall be invested are “Sustainable and Integrated Urban Development”- Axis 1 /PA1/ and “Regional Tourism”- Axis 6. The financial intermediaries shall have to provide co-financing with private resources for at least 30% of the total amount of funding. The deadline for submission of applications by financial intermediaries is until 29th December 2017.
DGKV’s work on the project included preparation of an operational agreement (public procurement contract) and preparation of legal opinions on the drafts of public procurement documents prepared by the Fund of Funds for conducting of the procedure for the selection of financial intermediaries for the implementation of the financial instrument.
DGKV’s team on this project was led by the Partner Georgi Tzvetkov and included Senior Associates Gergana Monovska and Anton Krustev and Associates Lora Aleksandrova and Tsvetelina Bayraktarova.