site.btaBulgarian Development Bank to Manage Energy-Efficiency Renovation of Residential Buildings under Recovery and Resilience Plan

By a Council of Ministers decree, the renovation of multifamily residential buildings under the Recovery and Resilience Plan (RRP) will be entrusted to the Bulgarian Development Bank (BDB). This ensures that 100% of the allocated funds for energy efficiency, amounting to EUR 246,556,225, are preserved, announced outgoing Minister of Regional Development and Public Works Ivan Ivanov after Wednesday’s Cabinet meeting here on Wednesday. 

According to Ivanov, the decision is the result of negotiations with the European Commission regarding amendments to the RRP. The goal was to save all multifamily residential buildings whose implementation had seriously lagged behind, posing a risk of failing to meet the final deadline of 30 June this year. 

Under the agreement with the European Commission, these high-risk projects will be treated as a separate investment, managed by the Bulgarian Development Bank. In addition to preserving the funds, the deadline for completion of construction and renovation works has been extended to 31 December 2029.

Ivanov said that negotiations resulted in the removal of the 20% co-financing requirement for homeowners’ associations. This means all approved residential buildings will now be renovated with 100% non-repayable funding, with no costs for citizens.

The Minister assured that re-application will not be necessary, as all documentation will be transferred automatically from the Ministry to the BDB.