site.btaBulgaria Relies on EBRD Expertise for More Competitive Economy

Bulgarian Prime Minister Nikolay Denkov conferred with the directors of the European Bank for Reconstruction and Development (EBRD) for Finland, Japan, the US, Turkey, Israel, Slovenia, Bulgaria and other countries, the Government Information Service said.

Bulgarian Deputy Prime Minister and Foreign Minister Mariya Gabriel and Finance Minister Assen Vassilev took part in the conversation.

"Bulgaria has a significant potential for growth and cooperation with EBRD, which will help an increase of the competitiveness of the country's economy and make innovations a main driving force," Denkov said after the meeting.

The EBRD representatives were familiarized with the Government's priorities and more specifically the Cabinet's purposeful efforts to achieve Bulgaria's accession to the Schengen area, the eurozone and the Organisation for Economic Co-operation and Development (OECD). The Cabinet's activity in the energy field and for the region's transport, railway and digital connectivity was noted as well. "We have the courage to tackle issues that have been shelved for years," the PM said, quoted in the press release.

The fine conditions for doing business in Bulgaria were highlighted at the meeting, along with expectations for even greater investor interest in the country, given the prospects for its full integration into the EU.

As of July 31, 2023, the EBRD invested EUR 4.430 billion in Bulgaria in 284 projects in sustainable infrastructure, financial institutions, industry, commerce and agribusiness. The 73 active portfolio projects are absorbing EUR 839 million in investments. The private sector accounts for 66% of the projects portfolio.

In addition to being a country where the EBRD works, Bulgaria is also a donor, having provided EUR 115 million of European Structure and Investment Funds to support water projects across the country.