The European Investment Bank (EIB), in its capacity as manager of the JESSICA Holding Fund for Bulgaria, has concluded an agreement establishing an Urban Development Fund with “Regional Urban Development Fund” (“UDF”) to invest in urban projects in six major cities in Bulgaria.

The UDF is established as a joint stock company by Societe Generale Expressbank, Elana Holding, Elana Investment and Balkan Advisors, namely the members of a consortium led by Societe Generale Expressbank, to invest approximately EUR 18.8 million of JESSICA funds and around an additional EUR 37.6 million of its own funds (in total EUR 56.4 million) over the next four years in urban projects located in the cities of Plovdiv, Varna, Burgas, Ruse, Stara Zagora and Pleven.

Sources: http://www.iewy.com/39381-jessica-helps-to-revitalise-six-major-cities-in-bulgaria.html (Accessed: 11/01/2011)

For more information about upcoming energy efficiency and renewable energy projects in Bulgaria and Southeastern Europe ensure you secure your place at one of our upcoming energy events:

- 3rd annual Wind and Solar in Turkey conference (28-29 March, Istanbul)

- 5th annual Balkan Energy Finance Forum (19-20 June, Belgrade)