site.btaCabinet Approves Draft Decision of IBRD Board to Enhance its Lending Capacity

The government decided to approve a draft-project of the Board of Governors of the International Bank for Reconstruction and Development (IBRD) on the removal of restrictions on guarantees and loans granted by the international financial institution. It also authorized the Minister of Finance, in his capacity as IBRD Country Manager for Bulgaria, to vote in favour of the draft decision on behalf of the country.

It is proposed to amend the Bank's founding agreement in order to increase its lending capacity. It is in the context of the restructuring processes of the multilateral development banks, linked to measures for institutional changes to their mission and vision, their operating model and optimization of their financial capacity in order to address the global challenges and the consequences of the recent multiple crises more effectively.

The IBRD is the main World Bank Group organization of which Bulgaria has been a member since 1990.