site.btaCabinet Approves Loan Request from Council of Europe Development Bank

The cabinet approved a proposal for a loan request to the Council of Europe Development Bank at a Council of Ministers Meeting on Wednesday. The EUR 250 million loan aims to partially finance the EU Mechanism for Bulgaria during the 2021-2027 programming period, with a specific focus on the education and vocational training sector.

The proposal stipulates a minimum disbursement of the loan in two tranches over a term of up to 25 years, with the funds allocated to the central budget.

The government has authorised Deputy Prime Minister and Minister of Finance Lyudmila Petkova to sign the request and send it to the Secretary General of the Council of Europe and to the Governor of the Bank, via the Permanent Representative of the Republic of Bulgaria to the Council of Europe.

The Council of Europe Development Bank is a multilateral development bank with a distinctly social mandate. Serving as a primary instrument of solidarity policy in Europe, the bank engages in financing social projects, responding to emergencies, and enhancing living conditions for the most disadvantaged population groups. It primarily funds state projects, local authority initiatives, and banks acting as intermediaries.