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Raiffeisenbank Manages the Funds under the EU Pre-Accession Programme ISPA According To Contract with National Fund Directorate at the Ministry Of Finance
06 July 2005
Raiffeisenbank signed a contract with the National Fund Directorate Bulgaria, at the Ministry of Finance for bank servicing regarding the managing of the funds under the EU pre-accession programme ISPA and corresponding co-financing from the State Budget. The bank won a public procurement tender, with contracting authority the Ministry of Finance. According to preliminary estimates, the annual basis of the ISPA funds and the corresponding co-financing stands at 180 mln BGN.
The National Fund Directorate at the Ministry of Finance is an extra-budgetary fund and acts as a central treasury entity for the EU funds allocated to Bulgaria under the pre-accession instruments PHARE, ISPA and SAPARD and for the corresponding State Budget co-financing. It is responsible for the effective financial management of the funds ensuring as minimum normal commercial conditions for the handling of the funds.
Thus, Raiffeisenbank became one of the servicing banks for the big public and state institutions. The bank supports also special escrow-accounts to the clients for their projects, financed by EU.
