Bulgaria: EIB President Hoyer pledges support for Bulgarian economy, meets President Radev and Prime Minister Petkov

(Source: European Investment Bank)

  • EIB President Hoyer met with Bulgarian President Radev and Prime Minister Petkov to discuss new investments for sustainable transport, energy security and SMEs.
  • The EIB President opened the Green Deal conference in Sofia.
  • The EIB Group provided €948 million in financing in 2021 for SMEs, urban development and innovation in Bulgaria.

European Investment Bank (EIB) President Werner Hoyer and Vice-President Lilyana Pavlova met with Bulgarian President Rumen Radev, Prime Minister Kiril Petkov and Deputy Prime Minister and Minister of Regional Development Grozdan Karadzhov in Sofia to discuss how the EIB Group can support Bulgaria’s economy, especially in the areas of the green transition, transport, energy, regional cohesion and small and medium-sized enterprises (SMEs).

EIB President Werner Hoyer commented: “It is a great pleasure to meet President Radev and Prime Minister Petkov in Sofia today. In 2021 — thanks to the European Guarantee Fund that the EIB Group set up with Bulgaria and other Member States — we more than doubled our activities compared to 2020. Together with our Bulgarian partners, we supported businesses suffering from the economic fallout of the coronavirus pandemic, financed key infrastructure projects that improve people’s lives and provided advisory services that enable more projects to access finance and create jobs. Going forward, we will work closely with our public and private sector partners to accelerate support for the green transition and regional cohesion of Bulgaria, two objectives that go hand in hand.”

Bulgarian Prime Minister Kiril Petkov said: “We aim at improving institutional transparency and capacity. The Recovery and resilience plan is a good opportunity to work together.”

EIB Group results in Bulgaria for 2021

The EIB Group — which consists of the European Investment Bank and the European Investment Fund (EIF) — provided loans, guarantees and equity commitments worth €948 million for projects in Bulgaria in 2021. This represents a 114% increase in total financing activities compared to 2020.

In 2021, EIB lending in Bulgaria amounted to €176 million for sustainable infrastructure, green urban development and businesses. The EIF committed €772 million in new operations for small and medium-sized enterprises. Total lending operations benefited 5 900 business and supported 126 000 jobs.

Support under the European Guarantee Fund (EGF) in Bulgaria is expected to unlock €2.7 billion for SMEs struggling with the impact of the coronavirus pandemic. The fund was set up by the EIB Group with contributions from Bulgaria and other EU Member States to shield companies suffering from the COVID-19 crisis.

EIB Group activity in Bulgaria in 2021

Green Deal — innovation, investments and the energy transition

EIB President Werner Hoyer spoke today at the opening of the Green Deal conference in Sofia. Read his speech here.

The EIB has worked with Bulgaria since 1992 and supported its economy with around €5.7 billion. We support investment projects that reduce disparities in regional development and strengthen economic competitiveness. In Sofia, we are developing an environmentally sustainable transport system that improves the everyday lives of its people. We are helping Bulgarian businesses suffering from the economic consequences of the coronavirus pandemic. Bulgaria is one of the largest beneficiaries of the EIB’s advisory services. Our advisory services support projects across Bulgaria in sectors such as transport, water and the environment.

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