In the next three years, the managing bank of the Fund for Local Authorities and Governments – FLAG EAD will be UniCredit Bulbank. The financial institution was selected after an open procedure was carried out pursuant to the Public Procurement Act.

„The partnership relations with the bank, which exist even now, are a guarantee for a consistent and at the same time flexible policy for providing the best possible solutions and access to financial resources necessary for preparation and implementation of projects under the Operational programs for modernization of the municipal infrastructure and creation of modern and sustainable local communities“, commented Nadya Dankinova, executive director of FLAG Fund, at the signing of the agreement.

“We believe that we will be even more successful in our cooperation, which has already proven to be a good solution for both parties. This is evidenced by our happy common clients“, said Levon Hampartzoumian, Chief Executive Officer and Chairman of the MB of UniCredit Bulbank.

FLAG EAD was established in 2007. The lending activity started in January 2009 after at the end of 2008 the Fund and UniCredit Bulbank signed their first three-year contract for cooperation. From then on UniCredit Bulbank has been acting as a „Managing bank of the Fund for supporting its lending activity with regard to municipalities and municipal trade companies“.

Over this period of time the fund established itself as a reliable partner to the Bulgarian municipalities in the process of management of investment projects, supported by the EU Funds.

Until 30 October 2011, 253 loan applications have been submitted for a total amount of BGN 287 million. There have been concluded 214 agreements totaling BGN 221 million. There have been supported projects for above BGN 600 million under OP „Regional Development”, OP „Environment”, the Program for Development of the Rural Areas, EEA Financial Mechanism, the Cross-border Partnership Program. There have successfully been repaid 95 loans amounting to BGN 95 million. The Fund is constantly developing and enhancing its activities in creating new, flexible products for bridge financing of the expenses refundable from the Operational Programs as well as for the own participation of the municipalities.

More information for media:

UniCredit Bulbank, Identity & Communications Department

Viktoria Blajeva, Phone: + 359 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch

Ekaterina Ancheva, Phone: + 359 2 9264 963, еlbufsjob/bodifwbAvojdsfejuhspvq/ch

More information for clients: UniCredit Bulbank, Call Centre Phone: 0700 1 84 84