Банкеръ Weekly

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BULGARIA WILL REQUEST FIVE TIMES HIGHER FINANCING FROM THE ISPA FUND

Till 2005 Bulgaria will apply for EU ISPA pre-accession fund free aid five times higher than the original quota. The information came on May 7, 2001 after a session of the Council for Regional Development. Instead for EUR540MN, which is the agreed amount of financing from the ISPA fund for the period 2001 - 2005, in the end of May Bulgarian government will present at the European Commission in Brussels projects with total value of EUR2.5BN.
That is because we hope that we have competitive projects in each sphere of economy, which fully meet EU requirements, said Eugeniy Chachev, Minister of Regional Development and Public Works, while explaining the reason for increasing the amount by the Bulgarian government. Last year also our quota was EUR100MN, but finally the financial memorandum that we signed amounted to EUR153MN. That is the reason why we offer 4 - 5 projects more, and if possible, they could be financed beyond the quota.
This extraordinary financing is for the account of another country, as the projects it has presented may not be attractive or tenable enough.
At the Council for Regional Development session were updated the amounts of the projects which will be presented for joint financing under the ISPA programme in the end of this month. According to Chachev the session was a result of the visit to Sofia which Michel Bernier, EU Commissioner on Regional Development made several days ago. Besides the projects for which the government will apply for financing from the ISPA funds, the session discussed the joint financing from ISPA and the budget, which should be included in the future 2002 State Budget Act.

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