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The Supreme Administrative Court (SAC) has ordered the state Fund of Funds (officially "Fund Manager of Financial Instruments in Bulgaria" - FMFIB) to rewind the procedure for allocating money for urban development funds. It will not start from scratch, but will have to return to the stage of assessing the compliance of the participants. We are talking about a total of 263 million euros, which must be allocated for urban projects in three regions - South, Northeast and Northwest. The procedure began in October 2024 and there were three candidates in it - DSK Bank alone, the consortium "DZZD Sustainable Cities Fund" (FUG) with the participation of UBB and the consortium "Fund for Green and Smart Urban Development" (FZUGR) with the participation of UniCredit Bulbank. In June 2025, FMFIB began final negotiations, but with only one of the candidates - FUG around UBB, and the other two candidates were not even admitted. The money for all three positions went to FUG, which took two of the funds, and the third remained unallocated. The decision was appealed by the other two candidates to the Commission for the Protection of Competition (CPC), which refused to initiate proceedings, which is why the matter reached the Supreme Administrative Court. In August, the court overturned the CPC’s order and ordered the regulator to return the procedure to FMFIB. The current decision of the Supreme Administrative Court is final and orders FMFIB to return the procedure to an earlier stage, without starting it from scratch. Thus, the procedure is set back about a year, and it is possible that all three participants will eventually receive one fund. This was the expected outcome from the very beginning, as each of the candidates wanted to manage the money for a different part of Bulgaria. Instead, after the controversial decision of the fund, one consortium, led by UBB, ultimately won all three positions, although it could only take on two.

 

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