In the five years since its establishment, the National Environment Trust Fund (NETF) has funded 46 environmental projects (half of them already completed) which have cost a total of BGN 118 M. Some BGN 30 M was granted by the NETF. The remaining 23 projects underway at the moment cost a total of BGN 47 M, including nine projects worth BGN 21 M, which have been launched since the beginning of 2001. For all projects, NETF-raised grant aid accounts for 30% of total costs. One of the major undertakings targets the Pirdop copper works. Under this $25 M project, the NETF has granted $3.3 M, and the World Bank has lent $16 M. The NETF was set up after a swap deal with Switzerland, the first debt-for-environment swap involving Bulgaria. The Swiss Government bought 20% (23,544,000 francs, interest included) of Bulgaria`s debt to private Swiss banks, the NETF President recalled. The condition for the remittal was to establish the NETF as an organization for environmental funding management.

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