Early Warning System

FLAG DFI FL FOR URBAN AND GREEN PRIORITIES (EIB-20220482)

Countries

Bulgaria

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Investment Bank (EIB)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Active

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 20, 2022

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

FUND FLAG EAD

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Construction
Infrastructure
Transport

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Loan Amount (USD)

$ 42.50 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 40 million
Converted using 2022-12-20 exchange rate.

Project Cost (USD)

$ 85.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 80 million
Converted using 2022-12-20 exchange rate.

Bank Documents

Environmental and Social Data Sheet

Primary Source

Original disclosure @ EIB website

Updated in EWS Apr 8, 2023

Disclosed by Bank Jul 15, 2022

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EIB, the project consists of a loan to Fund FLAG to support urban renewal and rehabilitation investments in cities across Bulgaria.
The project is aimed at: i) upgrading urban green areas and open public spaces, ii) improving sustainable urban mobility, iii) renovation and reconstruction of public buildings, (schools, health centres, administrative buildings etc.), iv) upgrading small-scale basic municipal infrastructure (street network, drinking water, sewer, etc.) v) supporting climate change adaptation measures and vi) area-based integrated urban regeneration actions.
The Project will improve the provision of public facilities, amenities and services, which will result in positive economic and social externalities, in the form of a higher quality of services for businesses and economic activities as well as improvement of the quality of life of residents.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Investment Bank (EIB)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

From the Fund's website:

Fund FLAG was established in March 2007 as an instrument of the central government policy for regional development.
The mission of the Fund is to support Bulgarian municipalities and public companies for extending and developing of local infrastructure, providing public services and creating sustainable local authorities.
The fund has established itself as a preferred partner for successful implementation of infrastructure projects and also implementation of local government programs.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Fund FLAG EAD	Client	Construction

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts available at the time of disclosure.

Borrower - Fund FLAG EAD:

Phone: +359(2)9882310
Fax: +359(2)9880045
Email: office@flag-bg.com
Office manager: Daniela Nikolova
Email: nikolova@flag-bg.com
Website: www.flag-bg.com/en

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

Bank Documents

Project Description

Investment Description

Private Actors Description

Contact Information

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