site.btaPrime Minister Borissov, European Investment Bank Hoyer Open EIB Group Office in Sofia

Sofia, September 18 (BTA) - Bulgarian Prime Minister Boyko Borissov and European Investment Bank (EIB) President Werner Hoyer formally inaugurated the new EIB Group Office for Bulgaria in Sofia on Monday.

The EIB Group's new representation will strengthen and increase EIB Group activities in Bulgaria. It is headed by Andreas Beikos.

Borissov welcomed the opening of the EIB Group office in Sofia, describing it as "a clear message for a further deepening of our cooperation and a strong signal of the Bank's confidence and commitment to our country." "The local presence of the EU bank will give valuable support to the Bulgarian economy, including private companies, by providing a direct contact point for EU-supported financing solutions as well as advisory expertise. Furthermore, we believe that this newly opened office will intensify the implementation of the Investment Plan for Europe in Bulgaria," the PM pointed out. In his words, the opening of the office is also an acknowledgment of the stable banking system in this country.

"When our Presidency [of the EU Council] begins, through this office we will be able to talk about the Balkans as a better place to live. The Balkans need a perspective," the head of government added.

For his part, EIB President Werner Hoyer commented that the EIB Group cooperates very well with public authorities and private sector counterparts across Bulgaria. "Since we started operations in Bulgaria in 1992, we have built a well-balanced lending portfolio with commitments reaching almost 5,000 million euro," Hoyer said. "Our increased local presence will allow us to intensify the blending of EIB lending with EU grants, including Structural Funds and financing backed by the European Fund for Strategic Investments (EFSI)," he added.

The loans extended by the EIB to Bulgaria in 2016 amount to 467 million euro. Over the last five years, the bank has provided 1,600 million euro for investment projects.

The opening of an EIB Group Office in Sofia is in line with the EIB's policy of establishing a presence in all EU Member State capitals. This effort will help the EU bank to better understand regional financing needs, identify more new projects and establish closer ties with national authorities and other stakeholders. The EIB has so far established offices in 21 EU Member States and 22 countries outside the EU, promoting business and policy dialogue, the bank said in a press release.

Sofia Mayor Yordanka Fandakova conferred with EIB President Werner Hoyer, City Hall said in a press release later in the day.

The guest said he was impressed with the change in Sofia over the last couple of years and noted that important projects have been implemented in the city.

Fandakova said that the EIB is a strategic partner of Sofia Municipality on projects by which Sofia develops as a green and innovative city.

In her words, the local authority observes strict financial discipline. Standard & Poor's Global Ratings has affirmed its 'BB+' long-term issuer credit rating on Sofia with a positive outlook. A number of significant projects have been implemented in the capital city in recent years with financial support from the EIB. Over 251 million euro have been invested in the construction of the second line of the underground railway and the extension of the first line, in the first and second phase of the household waste recycling facility, in the procurement of new buses for urban transport, etc., the Mayor said.

City Hall is negotiating with the EIB on financing the third Metro line and the third phase of the waste recycling facility - building a refuse-derived fuel (RDF) plant at the Toplofikacia Sofia district heating company.

"We also expect the EIB's permission to use the 8.6 million leva left from the allocation for bus purchase for the acquisition of 22 new buses running on natural gas," Fandakova added.