Fund For Local Authorities and Governments in Bulgaria - Nalas
Fund For Local Authorities and Governments in Bulgaria - Nalas
Fund For Local Authorities and Governments in Bulgaria - Nalas
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Lend<strong>in</strong>g process - 2<br />
Manag<strong>in</strong>g Bank<br />
FLAG<br />
Assesses the loan application accord<strong>in</strong>g eligibility vis-à-vis<br />
the respective Operational Program, project costs analysis<br />
<strong>and</strong> the project management capacity.<br />
The Board of Directors approves the loan <strong>and</strong> its terms.<br />
Loan Agreement<br />
A tri-party loan agreement is signed (between FLAG, the<br />
Manag<strong>in</strong>g Bank <strong>and</strong> the borrower).<br />
Monitor<strong>in</strong>g<br />
The Manag<strong>in</strong>g bank monitors the execution of the loan.<br />
FLAG <strong>and</strong> the Manag<strong>in</strong>g bank oversee the procurement process<br />
<strong>and</strong> the project implementation.
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