The BSEC Project Development Fund has been established for the purpose of facilitating the elaboration and promotion of projects with high regional cooperation and development impact in the BSEC region at the early stage of their conception under the guidance of the relevant BSEC Working Groups.
The Fund was established upon the resolution of the Seventh Council of Ministers of Foreign Affairs (Tirana, medstore 25 October 2002 ). The Fund is constituted on the principle of voluntary contributions from the BSEC Member States , capsule the BSEC Related Bodies, Observers and Third Parties.
Moreover contributions from external donors will be welcomed, provided their sources are transparent and the conditions attached are consistent with the principles and the objectives of the BSEC. The Organization intends to cooperate actively with interested bilateral and multilateral donors in ensuring the sustainability of the Fund.
Financing to be provided by the Fund is in the form of grants. The purpose is to finance any type of operations (studies, concept development, demonstration activities etc.) leading up to the stage of pre-feasibility study.
In order to ensure the regional character of the projects the proposed projects should involve at least three BSEC Member States. Eligible recipients are any legal entities from the BSEC Member States whose proposals will be supported by the national authorities.
Applications for project financing are processed through the BSEC Working Groups and are submitted to the Committee of Senior Officials for endorsement. The Fund is managed by the Steering Committee with decision making power on the distribution of the Fund's resources.
The Black Sea Trade and Development Bank, being the financial pillar of the BSEC, can exercise the first right of refusal financing a project after the completion of the Fund-financed operation within a three-month period. With this we ensure that projects satisfying the financing criteria of the Bank might receive further financing for their implementation stage.
Rules pertaining to project identification and finance as well as decision-making mechanisms concerning contributions by international organisations, interested states, inter-governmental and non-governmental organisations, companies, project sponsors, and other donors are to be agreed on a case-by-case basis for each individual donor through the conclusion of an Agreement, subject to approval by the Steering Committee and the BSEC Senior Officials.
Maximum duration of a financed project is 12 months and the grant amount is up to $ 15,000. However, in case of contributions by external donors the above-mentioned amount may be revised upon a decision of the Steering Committee of the Fund.
The Criteria according to which a project proposal will be evaluated by the BSEC are the following:
Interested parties should contact their relevant Ministries for more information.
The detailed provisions of the Fund are contained in the downloadable file:
Manual of Operations of the BSEC Project Development Fund
Please find below the General Conditions applicable to BSEC grant contracts under the Project Development Fund:
General Conditions applicable to BSEC grant contracts under the Project Development Fund
Information for project proposals, approvals and implementation can be obtained by clicking on the following links:
Project News
Requirements for project applications submitted for funding to the BSEC Project Development Fund (PDF)
