site.btaThree Decades of Impact: National Trust EcoFund Marks 30 Years of Environmental Action

The National Trust EcoFund (NTEF), Bulgaria’s pioneering environmental financing body, is celebrating 30 years since its founding under the landmark Debt-for-Environment agreement with Switzerland. Established in 1995, the Fund has financed over 500 projects across more than 150 municipalities, supporting initiatives that tackle climate change, biodiversity loss, water management, and the rehabilitation of past environmental damage. "In addition to its role as a financing institution, the National Trust EcoFund is also an active participant in the development and updating of environmental protection policies. This ensures a comprehensive, holistic approach to solving specific environmental problems," Executive Director Maria Minkova explained in a BTA interview.

She noted that since the establishment of the Fund in 1995 to transform a portion of Bulgaria’s external debt into environmental protection projects, more than 500 projects have been implemented across over 150 municipalities. The average percentage of funding provided by the Fund to date amounts to approximately 46%.

Minkova outlined four key priorities: reducing air pollution and adapting to climate change, protecting biodiversity, managing water resources including geothermal potential, and eliminating past pollution.

As the only provider of grant funding for municipal infrastructure projects utilizing geothermal energy, NDEF has a unique role. It also supports energy efficiency projects, particularly in public institutions. "Today, electric vehicles are widely accepted, but when we launched our program, public institutions needed to lead by example," said Minkova.

One of the Fund’s hallmark successes is a pilot project in Gabrovo for full-scale modernization of street lighting under an ESCO contract. "The project was completed in April 2022 and achieved annual CO₂ savings of 1,399.22 tons—exceeding projections by over two tons," she noted. New ESCO-based energy projects are planned for 2025 in Gotse Delchev and three villages in Pancharevo municipality.

Among other standout projects is the initiative “Implementing Innovative Climate Measures in Bulgarian Municipalities” (2021–2024), conducted in partnership with eight municipalities and Norwegian experts. Cities like Burgas, Sofia, and Plovdiv implemented infrastructure measures based on climate risk assessments. "Many of the applied solutions were inspired by international best practices," Minkova said.

Beyond funding, NDEF actively shapes environmental policy in Bulgaria. "This allows for a holistic approach to solving environmental problems," she emphasized. The Fund requires co-financing from beneficiaries - on average, 46% of project costs - which ensures long-term sustainability and often mobilizes private sector investment.

When asked about national and local environmental challenges, Minkova stressed the importance of civic responsibility. "We all must work toward building a responsible attitude toward our environment," she said. NTEF incorporates behavioral education into school renovation projects, linking infrastructure improvements with sustainability learning.

Looking ahead, adaptation to climate change remains a major focus. "If a decade ago we spoke only of mitigation, now the urgent need for adaptation is clear. Climate change is already happening all around us," said Minkova.

To mark its anniversary, NTEF is hosting a celebration at Sofia University on June 2, with the participation of Kristalina Georgieva, the IMF Managing Director and one of the Fund’s founders. The event will include a 30-minute documentary, replacing the traditional report, and the inaugural National Environmental Protection Award in memory of Mima Pramatarova, a conservation pioneer and the first director of Rila National Park.