site.btaParliamentary Budget and Finance Committee Adopts Bill Ratifying Agreement with EBRD on Its Activities in Bulgaria

The parliamentary Budget and Finance Committee on Tuesday adopted a bill ratifying the Agreement between the Republic of Bulgaria and the European Bank for Reconstruction and Development (EBRD) concerning the Bank’s Cooperation and Activities in the country, submitted by the Council of Ministers. The agreement was signed on May 12 in Brussels.

Fifteen members of the committee voted in favour and three were against; there were no abstentions.

Presenting the reasoning for the bill, Deputy Finance Minister Metodi Metodiev said that the EBRD is one of the key investors in Bulgaria. From the beginning of its operations until January 31, 2025, the Bank has invested EUR 4.791 billion to finance 307 projects in the country in the domains of sustainable infrastructure, finance, industry, trade, and agribusiness. In the public sector, the Bank provides financing for major infrastructure projects and works with public enterprises to provide support and technical assistance to improve municipal services.

In its new five-year strategy for Bulgaria (2025–2030), the EBRD will focus on three core priorities: accelerating the green transition; enhancing competitiveness through deeper financial intermediation, strengthening value chains, and encouraging innovation; and increasing economic resilience, the explanatory memorandum says.

In addition to its investment activities, the EBRD has also expressed its intention to open a technology centre in Bulgaria. According to the Bank, the technology centre will focus on strategic and emerging technologies, including Big Data, artificial intelligence, cybersecurity, and cloud technologies. The EBRD plans to hire over 100 employees within 18 months of signing the agreement, with ambitions to further develop the technology centre and hire additional staff after that period, the explanatory memorandum says.

In response to a question from Dimo Drenchev, MP from Vazrazhdane, about the status of future employees of the technology centre, Metodiev explained that they will not have diplomatic status. According to information from the Bank, of the 100 potential employees who will be hired, the majority will most likely be Bulgarian, Metodiev added.

Metodiev further said in response to a question from MP Martin Dimitrov (Continue the Change – Democratic Bulgaria) that at this stage, a decision is yet to be made and announced by the EBRD on where this centre will be located. According to unconfirmed information, it will be in Sofia.