Who we are?

"Sustainable Cities Fund" (SCF) was established with Partnership Agreement, dated 13.12.2017 for the specific purpose of managing and implementing the functions of an Urban Development Fund (UDF) - а financial instrument, financed by the Operational Programme "Regions in Growth 2014 - 2020". SCF has been awarded the implementation of UDF for the regions Sofia and Southern Bulgaria in August 2018, after a public procurement procedure conducted by the Fund Manager of Financial Instruments in Bulgaria (FMFIB).


The total resources available to the SCF amount to BGN 342.37 m, distributed as follows:

For the region of Sofia - BGN 134.23 m, of which BGN 79.2 mare provided by Operational Programme "Regions in Growth 2014 - 2020" and BGN 55 m represent SCF co-financing by the. The total financial resource allocation as follows:

For Urban Development - BGN 119.48 m
 For Tourism and cultural heritage – BGN 14.75 m

For the region of Southern Bulgaria - BGN 208.14 m, of which BGN 122.8 m are provided by Operational Programme "Regions in Growth 2014 - 2020" and BGN 85.3 m represent SCF co-financing from the. The total financial resource alloaction is as follows:

 For Urban Development - BGN 139.33 m

 For Tourism and cultural heritage - BGN 68.81 m

The Sustainable Cities Fund brings together the experience and expertise of:

Fund for local authorities and governments (FLAG) - The activity of FLAG is aimed at supporting Bulgarian municipalities, associations of municipalities (including water supply and sewerage associations) and companies with municipal or mixed participation, in the process of preparation and successful implementation of projects aimed at modernizing and expanding municipal infrastructure and creating sustainable and modern local communities. FLAG provides loans to beneficiaries that prepare or execute projects funded by EU funds or other donor programs.

FLAG has been operating since January 2009. By the end of 2017, FLAG has granted 1000 credits to 214 municipalities. The total value of the loans granted is BGN 1.11 billion and the value of the supported projects for Programming Period 2007-2013 and 2014 - 2020 is BGN 5.56 billion.

Fund for Sustainable Urban Development (FSUD) - In 2012 FSUD was awarded the implementation of an urban development fund under JESSICA initiative for the region of Sofia after a selection procedure conducted by the European Investment Bank (EIB). FSUD funds projects that have a significant socio-economic effect over the territory of the Capital by providing low-interest loans. The total financial resource of the Fund is almost BGN 50 m – BGN 24.6 m provided by OP “Regional Development” 2007-2013 and BGN 24.6 m provided as co-financing by FLAG.

By 2016 FSUD fulfilled its commitment to invest the available resource in 13 sustainable urban development projects. The total value of the loans, including the co-financing from FSUD is BGN. 48.7 m. The value of the supported projects is 78.3 m BGN. As of 1 August 2016, FSUD was entitled to initiate a procedure for reinvestment of funds in new urban projects.

United Bulgarian Bank - Founded in 1992, UBB became part of the Belgian financial group KBC in June 2017. After the merger with CIBANK EAD, it ranks third on the Bulgarian market with a total asset of BGN 11 billion. UBB serves individuals and big corporate clients.

In December 2017, the Fitch rating agency upgraded UBB's long-term rating for a second time in half a year after its acquisition by the Belgian financial group KBC. Thus, within few months, UBB's rating was increased by the unprecedented seven levels - from 'B +' trough 'BBB +' to its current highest level in the 25-years history of the United Bulgarian Bank and the Bulgarian banking system - 'A - '.

UBB is a partner bank of FSUD and has considerable experience in the implementation of financial instruments. The KBC Group's Competence Center for European Financial Instruments is also placed at UBB. The Center assists other KBC Group companies to apply for and implement financial instruments.


Bulgarian Consultancy Organization activity is focused on providing consultancy services in the field of European projects and public procurement. The company plans, manages and implements large and strategic consulting, infrastructure, research and innovation projects of national and local importance.

BCO Ltd. also has significant experience in working with business representatives to increase investment opportunities, introduce innovative production practices and approaches, expand production capacity.