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EBRD President to visit Bulgaria
Meeting scheduled with senior government officials; reiterate Bank's commitment
The President of the European Bank for Reconstruction and Development, Jean Lemierre, arrives in Bulgaria on Sunday for a two-day visit to reiterate the Bank's support for ongoing economic reforms, continuing transition towards a market economy, and to explore how the EBRD can further help boost investments. Mr Lemierre will be accompanied by Kalin Mitrev, the representative for Bulgaria on the Bank's Board of Directors.
On 11 and 12 November, Mr Lemierre will meet with President Georgi Parvanov, Prime Minister Simeon Saxe-Coburg-Gotha, other government officials and mayors from the region, as well as local and foreign business leaders and representatives from the international community based in Bulgaria. Mr Lemierre will also visit several projects of the Bank including a recent industrial project in Stambloiiski, and attend the 10th anniversary celebrations of Unionbank, one of Bulgaria's leading providers of banking services for small and medium-sized enterprises, in which the EBRD recently purchased a 15 per cent stake.
Mr Lemierre said Bulgaria has undergone sound macroeconomic and structural reforms over recent years, and initiatives such as the new Privatisation Act signed earlier this year show that reform is continuing. He said Bulgaria is one of the strongest performing countries in central and Southeast Europe, and that the country's goal for accession into the European Union is a driving force for further reform.
The EBRD is the largest single foreign investor in Bulgaria with over €636 million invested in
45 projects, mobilising more than €2.4 billion in total investments. In 2002 alone, the Bank has so far invested over €133 million to support projects in the country, which is the highest annual new business volume ever for the EBRD in Bulgaria. These include a €30 million loan to rehabilitate Sofia's district heating systems, a €35 million loan to improve buses and trams in the capital, and a €41 million loan to help expand and upgrade the country's power transmission system.
The Bank continues to build on these investments, and on Tuesday in Sofia, Mr Lemierre expects to sign a loan to a local bank to support small and medium-sized businesses, which is a focus of the EBRD's activities in the private sector.
Mr Lemierre's visit to Bulgaria is the first stop during a weeklong trip that will also include visits to Kosovo and FYR Macedonia.
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