Infrastructure & Projects

Kinstellar advises the EBRD on a EUR 40 million framework agreement with Raiffeisenbank to improve water infrastructure in Bulgaria

September 2020 – Kinstellar is proud to continue supporting the European Bank for Reconstruction and Development (EBRD) in its investments to improve water infrastructure in Bulgaria. Recently, Kinstellar’s Sofia office advised the EBRD on a EUR 40 million Unfunded Risk Participation Framework Agreement with Raiffeisenbank Bulgaria to enable the latter to finance regional water and sewage operators across the country at favourable terms.

The guarantee facility is co-financed by the EBRD and the EU’s European Structural and Investment Funds (ESIF) via Bulgaria’s Fund of Funds (Fund Manager of Financial Instruments in Bulgaria). It will enable Raiffeisenbank Bulgaria to provide long-term bank loans to water utility providers for regional water investments and, ultimately, to address the existing funding gap in Bulgaria’s water and wastewater sectors.

This is the third EBRD project facilitated by Kinstellar under the nearly EUR 200 million EBRD/ESIF Bulgarian Water Sector Financing Framework.

Kinstellar’s team in Sofia was led by Svilen Issaev (Counsel) and included Zornitsa Georgieva and Kristina Lyubenova (Senior Associates) and Denitsa Kuzeva (Associate).

For more information please contact Svilen Issaev, Counsel, at