The America for Bulgaria Foundation (ABF) will earmark USD 43 million for projects in Bulgaria within the next few years, Deutsche Welle reported on Monday.

The organisation, founded in 2008, is a successor to the Bulgarian-American Enterprise Fund (BAEF), an investment fund created by the US through the US Agency for International Development (USAID).

The funds will be provided to promote the activities of local non-profit entities and the private sector to develop successful and competitive market democracy.

ABF supports projects in the fields of arts and culture, civil society and democratic institutions, archaeology and conservation of historical heritage, cultural tourism, education and libraries.

"Over the past two years we have funded 182 projects and in this and the coming years we will grant USD 43 million for other programmes," Carl Pforzheimer, co-chairman of the fund's board of directors, said.

About USD 3 million of the total amount has been channelled into arts and culture projects, he said.