site.btaEuropean Investment Fund: Bulgaria Second in EU for 2023 Cohesion Investments

The European Investment Bank (EIB) Group, which includes the European Investment Fund (EIF), allocated EUR 36.2 billion to projects in the EU's economically disadvantaged cohesion regions in 2023. The data are part of an EIB report published on Monday.

Per this report, Bulgaria received the second-highest investment from the EIF, totalling  EUR 782 million, behind Romania, which led with EUR 2.092 billion in EIF investments.

In 2023, Bulgaria ranked ninth among EU Member States for total cohesion investments from the EIB Group, surpassing 1 billion euros, the Luxembourg-based lender shared. Bulgaria has seen significant investments aimed at enhancing agricultural produce storage and IT staff training, EIB experts say.

Bulgarian ports, growing in importance for the global food supply from Ukraine, are seeing significant developments. Buildcom Group, a leading Bulgarian grain trading and processing firm, is building a new port terminal in Varna along the Black Sea coast. A EUR 50 million loan from the EIB aims at improving the port's facilities, the report reads. This investment aims to modernize the port, strengthen food security, promote environmentally friendly maritime transport, and stimulate the regional economy by broadening export opportunities for local farmers. The loan is supported under the InvestEU programme.

As part of the pilot project in upskilling and education, EIF has provided a direct financial guarantee on a loan by Telerik Academy, a Sofia-based institution specializing in software engineering and coding education. EIF loan guarantee has empowered Telerik Academy to expand its educational programs, reaching a wider student base, EIB experts say.

In 2023, the EIB Group exceeded its European Union cohesion funding goals, backing initiatives designed to diminish regional disparities. The third annual report on EIB Group activities in the EU's convergence regions emphasizes the role of targeted support in unlocking regional potential and directly improving lives. The report also notes the need for increased social investment and connectivity to foster regional cohesion within the EU.