The Instrumento Financeiro para a Reabilitação e Revitalização Urbanas (IFRRU 2030) and the Fund FLAG of Bulgaria have announced a collaboration protocol to share knowledge and best practices in implementing and managing financial instruments for urban rehabilitation, energy efficiency, and sustainable housing. This partnership aims to promote the exchange of expertise and successful strategies in these areas.
This cooperation builds upon an existing partnership initiated in 2023 between IFRRU 2020 and Fund FLAG. The earlier collaboration enabled Portuguese experience in urban rehabilitation and energy efficiency to contribute to the development of FLAG FICET, a financial instrument for clean energy transition conceived by Fund FLAG to support municipal investments.
The new protocol establishes a framework for regular collaboration between IFRRU 2030 and Fund FLAG. The areas of cooperation include managing different funding sources, developing sustainable and innovative financing solutions, and mechanisms to support affordable housing. The protocol also foresees the sharing of experience in coordinating with other relevant stakeholders, such as municipalities, and in marketing and communication strategies.
The protocol was signed by Isabel Barroso de Sousa, President of the IFRRU 2030 Steering Committee, and Iva Petkova, representing Fund FLAG. The signing ceremony took place at the Hotel Tivoli Avenida Liberdade in Lisbon during a workshop on urban development and city financial instruments.
Fund FLAG was established in 2007 as an instrument of the Bulgarian government's regional development policy. It is part of the Bulgarian Investment and Urban Advisory Platform, which combines resources from the European Investment Bank (EIB) and the Fund itself to support urban regeneration and rehabilitation investments in Bulgarian cities.
IFRRU 2030 is currently in the final stages of negotiating an initial financing of approximately 400 million euros. When combined with funds from commercial banks and private investors, this amount is expected to mobilize a total investment of around 1 billion euros. These funds are anticipated to be available to investors by early 2027.
The partnership between IFRRU 2030 and Fund FLAG is expected to enhance the implementation and management of financial instruments for sustainable urban development. By sharing knowledge and best practices, both entities aim to contribute to the growth of environmentally friendly and socially responsible urban projects.
Key points
- IFRRU 2030 and Fund FLAG of Bulgaria have signed a protocol to share knowledge and best practices in implementing and managing financial instruments for urban rehabilitation, energy efficiency, and sustainable housing.
- The partnership aims to promote the exchange of expertise and successful strategies in these areas.
- The protocol establishes a framework for regular collaboration between IFRRU 2030 and Fund FLAG.
