On January 25, the Urban Development Funds and Sustainable Cities Fund for Sofia and South Bulgaria celebrated the successful completion of the first investment cycle, marking an important milestone in the sustainable urban development of Bulgarian cities at a closing ceremony held in Sofia.
- 26 January 2024
The inception of the Urban Development Funds can be traced back to 2007-2013 programming period. Since then, these funds have played a pivotal role in deploying financial instruments for urban development in Bulgaria. In the 2014-2020 period, a total of over EUR 170 million was invested, with 60% national and EU funding and 40% originated from private sources. This substantial funding was allocated across 70 projects.
The impact of these investments is evident in various aspects of urban development. Residential buildings saw improvements in energy efficiency, the sustainable urban transport network witnessed expansion, and strategic investments were made to preserve cultural heritage sites and further develop the tourism sector. Collectively, these initiatives have made a tangible difference in the quality of life for city residents, promoting social cohesion and safeguarding the rich cultural heritage of the region.
During the event, some of the most illustrative projects were presented and awarded in different categories (urban development, culture infrastructure, tourism and cultural heritage, green investments, business and industrial zones), acknowledging their exemplary contribution to the regions' development.
Among the winners are the projects Renovation of the Vasil Shahanov market in Stara Zagora municipality; Center for Cultural Art: Museum and Library in Burgas (2023 REGIOSTAR winning project); The World of Thracians of Kazanlak municipality.
In the upcoming years, Bulgaria should leverage its extensive expertise in managing financial instruments to maximise the increased share of financial instruments available in the 2021-2027 programming period. Cohesion policy investments implemented through financial instruments will continue to play a pivotal role in steering sustainable urban development and fostering prosperity in Bulgaria’s cities throughout the current period.
More information
More information about the Sustainable Cities Fund:
https://www.fi-compass.eu/showcase-2023/sustainable-cities-fund-future-proofing-cities-bulgaria