Energy Efficiency Project

Project Summary

The objective of the proposed project is to support a large increase in EE investment in Bulgaria through development of a self-sustaining, market-based financing mechanism. The project’s goal is focused on the development and implementation of financially profitable EE investment. GEF financing of some US$10 million will be sought to provide the seed capital for BEEF (US$8.8 million) and to fund the TA component (US$1.2 million). As BEEF seeks to make profit, investment financing and partial credit guarantees would be provided on commercial terms. The BEEF would be designed to attract a substantial amount of commercial co-financing (mostly by banks), in addition to a minimum of 20% contribution to project costs by the borrowers.

Project Details

GEF Project ID
Project Type
Full-size Project
Focal Areas
Funding Source
GEF Trust Fund
Implementing Agencies
The World Bank
Executing Agencies
Bulgaria Energy Efficiency Fund
GEF Period:
GEF - 3
Approval Fiscal Year:


Project Preparation Grant Amount
300,000 USD
GEF Project Grant
10,000,000 USD
Co-financing Total
39,510,000 USD
GEF Agency Fees
841,000 USD
Total Cost 49,810,000.00 USD

Project Timeline

Received by GEF
13 Jun 2003
Preparation Grant Approved
24 Jul 2003
Concept Approved
01 May 2004
Project Approved for Implementation
14 Feb 2005
Project closed
31 Mar 2010