By Olga Aristeidou
The European Bank for Reconstruction and Development (EBRD) is working with the government of Bulgaria to support the country’s structural reform agenda and the implementation of projects financed by European Union (EU) funds from 2021 to 2027.
In a memorandum of understanding (MoU) signed by EBRD President Odile Renaud-Basso and Bulgarian Deputy Prime Minister for EU Funds and Minister of Finance Assen Vassilev in Sofia Monday, the parties agreed to support the implementation of EU funding, including the country’s Recovery and Resilience Plan (RRP).
The plan is part of the EU’s Recovery and Resilience Facility (RRF) and amounts to €6.3 billion(US$6.8billion) of EU financial support for investment and reform. EBRD engagement under the Bulgarian RRP will mainly focus on the energy sector.
The cooperation between Bulgaria and the EBRD will focus on the decarbonisation and reform of the energy sector, as well as the infrastructure sector, public-private partnerships, public-sector reform, private-sector competitiveness, innovation, inclusive growth and the development and implementation of EU financial instruments in the country.
EBRD President Renaud-Basso said: “I am delighted to sign this important MoU today. These EU funds will help Bulgaria move forward with its reform agenda. The EBRD, with its experience and close links between investment and policy reform, is an ideal partner to help with project implementation. It is a very comprehensive MoU, which will serve as a basis for the EBRD’s support to the country to increase the rate and quality of absorption of EU Funds. I am sure that our cooperation will lead to concrete results, also through a significant increase in EBRD investment in Bulgaria.”
Minister Vassilev said: “With this MoU, we are formalising our already strong partnership with the EBRD. The comprehensive cooperation agreement we signed today will facilitate the implementation of key investments in Bulgaria in areas such as decarbonisation and energy security, sustainable infrastructure and public-sector reform.”
The EBRD has already started to support the implementation of the national Recovery and Resilience Plans of Greece, under the Greek Corporate Loan Facility, and the Slovak Republic.
To date, the EBRD has committed more than €4.3 billion to 277 projects in Bulgaria. In 2021, EBRD investment in the country exceeded €245 million.
