Narrative
The project envisages the construction of a business shopping center on abandoned urban terrain, a former industrial area, as well as the construction of a bridge facility, which will have direct effects on improving the urban environment, as well as increasing employment in the city. By building the necessary infrastructure, parking spaces, green areas and leading infrastructure, the shopping center has the potential to be an attractive place for recreation and leisure for residents and guests of the city. In addition, the project envisages the construction of a bridge, which will provide not only convenient access to the commercial site, but also connectivity to the central boulevard and subsequent initiatives to ennoble the entire area. Public-private partnerships - such as in this case between the applicant and the municipality of Yambol for the construction of the bridge, are encouraged by the financial instruments, because they are in fulfillment of the objectives of attracting private investors to support the implementation of public policies and socially significant projects.
Financial data
The total budget amounts to EUR 5.8 mln. The approved funding under the "Sustainable cities fund" is EUR 4 772 489, of which EUR 2 815 768 is co-financing from the OP "Regions in Growth" 2014-2020 (European Regional Development Fund). EUR 358 291 are co-funded by the "Sustainable Cities Fund". The remaining resource is own funding.
Recommendations
Although, the project is planned to have a positive economic and social contribution to regional development, it questions the need of using of EU funding instruments for supporting projects that are truly commercial and that could easily rely on private financing. Another week point is the lack of any commitments to installation and use of renewable energy sources. It could be therefore recommended, that EU funding is directed to projects that could not have an access to competitive and affordable funding and have an added value from the point of view of economy, innovation and environment.
