European Bank for Reconstruction and Development (EBRD) has so far invested more than EUR 1.3bn in Bulgaria, 79% of which in the private sector. EBRD invested a total of EUR 285m in Bulgaria in 2005 alone. The financial institution will support the country in four major fields, including the effective absorption of EU funding, support of the private sector, development of public-private partnership in infrastructure projects and improvement of energy efficiency. EBRD will also be an active contributor to the establishement of the FLAG fund for the support of local governments. The fund will support municipalities in the development of projects and in providing co financing from EU's structural and cohesion funds.