With 50 million BGN more in its capital Fund FLAG will be able to support new projects for another 250 million

For 15 years the fund has financed over 1340 projects of municipalities and public enterprises with nearly 2 billion BGN.

With BGN 50 million more in its capital, the FLAG Fund will be able to support new projects for another BGN 250 million. This will ensure the financial stability of the state-owned company in the system of the Ministry of Regional Development and Public Works and its ability to continue its successful work in supporting municipalities and sustainable regional development in the country. This was announced by Delyana Ivanova - Advisor to the Deputy Prime Minister and outgoing Minister of Regional Development and Public Works Grozdan Karadzhov, at an event marking the 15th anniversary of the establishment of the Fund. The funds will create new financial instruments to support investment projects of all beneficiaries of the Regional Development Programme, support Bulgarian municipalities, and projects related to green transformation and digitalization.

Ivanova praised the work of Fund FLAG and congratulated the team for the excellent results achieved. “We are proud of your work. Thanks to the Fund we can fully implement regional policy and support municipalities. You are a loyal and trusted partner to local authorities and financing institutions such as the European Investment Bank, EBRD and commercial banks. You have proven yourselves over the years and that is why we will rely on the Fund to cover our needs in the current programming period”, said Delyana Ivanova.

Since its inception, the Fund has financed more than 1340 projects. Nearly 2 billion BGN of loans have been approved. Thanks to them, over 7.3 billion BGN worth of activities have been implemented, i.e. every BGN invested has attracted more than 3 times the investment.

Fund FLAG Executive Director Nadya Dankinova thanked Delyana Ivanova for her contribution to the fund’s capital increase. “For 15 years the fund has not lost a single lev. We have not been given a single bad loan. This is an extraordinary admiration,” Dankinova said. She added that 240 out of 265 Bulgarian municipalities are partners of the company, from which they receive support. Fund FLAG is a place for solutions and a successful project for public policy and regional development,” the executive director added.