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DGKV Advises Fund of Funds on Investments in Urban Development

DGKV Advises Fund of Funds on Investments in Urban Development

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DGKV has advised Fund Manager of Financial Instruments in Bulgaria EAD on the structuring and launching of a EUR 180.5 million public procurement procedure to select financial intermediaries for the Urban Development Fund under the Operational Program "Regions in Growth 2014-2020," which is co-financed by the European Structural and Investment Funds. 

According to DGKV "through this innovative for Bulgaria financial instrument, the Fund Manager of Financial Instruments in Bulgaria EAD (the 'Fund of Funds') aims to improve access to financial resources in the regions, multiplying public resources by attracting private capital for investments creating economic growth. The allocated funds shall be provided for financing and guaranteeing certain losses in connection with the financing of eligible investment projects under conditions of shared risk. The resources shall be concentrated in the areas covering urban development, energy efficiency, tourism, and cultural heritage. The Priority Axes on which the funds shall be invested are 'Sustainable and Integrated Urban Development' -- Axis 1/PA1/ -- and 'Regional Tourism' -- Axis 6. The financial intermediaries shall have to provide co-financing with private resources for at least 30% of the total amount of funding. The deadline for submission of applications by financial intermediaries is December 29, 2017."

DGKV’s work on the project included preparing an operational agreement (i.e., a public procurement contract) and preparing legal opinions on the drafts of public procurement documents prepared by the Fund of Funds for conducting the procedure for the selection of financial intermediaries for the implementation of the financial instrument. 

The firm's team on the project was led by Partner Georgi Tzvetkov and included Senior Associates Gergana Monovska and Anton Krustev and Associates Lora Aleksandrova and Tsvetelina Bayraktarova. 

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu

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