SOFIA, September 15, 2015 – The World Bank will provide advisory services to the Bulgarian Ministry of Finance on the setting up of a new body that will be responsible for implementing financial instruments under the EU Operational Programs. The contract for providing analytical and advisory services was signed today.
The Government of Bulgaria has decided to establish a Fund-of-Funds and a Fund Manager to have a common national framework for implementing financial instruments under the EU Operational Programs in a coordinated and coherent manner that avoids duplication of efforts and resources, and bring about economies of scale. The fund-of-funds approach will also help avoiding potential overlaps and inconsistences between the instruments implemented across different Operational Programs.
The World Bank is expected to support the Government in the development of a management structure and control systems of the Fund Manager, along with specific documentation and policies related to one of the EU Operational Programmes to be included under the fund-of-funds approach.
The advisory support will be provided in collaboration with other International Financial Institutions and will be coordinated by the Ministry of Finance.
“We are glad to support the Bulgarian Ministry of Finance to build national capacity by bringing the best international practices and examples on financial management and governance for the new Bulgarian Fund of Funds,” said World Bank Country Manager for Bulgaria Tony Thompson.