The procedure for project origination and project eligibility evaluation under the BEERECL consists of six steps.

Step 1.    Initial Eligibility Check.  The Applicant (Prospective Borrower) may wish to discuss the project to determine whether it meets BEERECL eligibility criteria.  This can be done either informally through contacting the project office or formally through submitting an official application.  For informal discussions, the applicant may either call or visit the BEERECL Project Office.  The Application Form, along with a list of all documents required to determine project eligibility, may be downloaded from the BEERECL website (www.BEERECL.com).  If the Applicant does not have access to the internet, he may request a copy of the Application Form by telephone or fax from the Project Office.  It is entirely within the Applicant’s own discretion to submit an Application Form.

Step 2.    Formal Eligibility Check.  Should the Applicant wish to proceed with a formal eligibility check, he should send to the Project Office a completed Application Form in Bulgarian or English, and signed by a person with signature authority for the company.  The Application form should be sent to the attention of Ms. Vladislava Bikovska.  The Application Form should be accompanied by all required documents outlined in the Application Form, as well as electronic copies of the documents, either on CD/diskette or by electronic mail.

Step 3.    Eligibility Review. Within 10 working days of receiving an Application Form and all required supporting documentation, the Project Team will notify the Applicant of its decision regarding project eligibility in writing.  If documents or/and information required in the Application Form are missing or are insufficiently clear for a determination to be made, the Project Office will contact the Applicant to provide this information.  An eligibility decision will only be made when all of the required information is submitted.

               If an eligibility question needs to be raised with EBRD, the  Applicant will

               be informed about this by the Project Office within 10 working days. The

               Applicant will receive a final eligibility determination within 3 working

               days of a response from EBRD. If an Applicant disagrees with a negative

               eligibility determination, he will have the right to appeal this decision

               within 30 days, according to the appeals process outlined below.

               Please note that a formal eligibility determination is not a guarantee of

               receiving a loan under the programme, nor should it be assumed that 

               the TC grant will be given.  Projects will have to pass through several

               more steps before final eligibility for financing and grant funding can be

               determined.

Step 4.    Waiver Letter.  As soon as the Applicant is informed that his project is eligible for BEERECL financing, he should download the Waiver Letter from the BEERECL website (or request that a hard copy be sent). For the application process to proceed, the Applicant should submit two original copies of the Waiver Letter to the Project Office, signed by a person with authority to commit the company.

Step 5.    Term Sheet.  Upon submission of the Waiver Letter, an eligible Applicant should select a Participating Bank, either directly or in consultation with the Project Team, should this be required.  The Applicant should negotiate a term sheet directly with the selected Participating Bank.

Step 6.    REUP Development.  Once a positive eligibility determination has been made, a signed waiver letter submitted and a term sheet obtained from a participating bank, the Project Team will start the REUP development process.  Once an REUP is completed, then the Project Team submits the REUP to the participating bank, which will then make a determination of whether it is willing to go forward with financing the project, independently of the project team.