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Country data

7.6 million
111,000 sq km

Key developments and challenges

  • Macroeconomic stability has been preserved in a difficult economic and political environment. Fiscal deficits are very low by European Union (EU) standards and the public debt is among the lowest in the EU, although pressure to increase spending and reduce regulated prices has increased.
  • Energy sector reforms have reversed. The regulator has reduced electricity prices to even further below cost recovery levels, and public distribution companies are facing significant losses. These developments will have negative consequences for investment in the sector.
  • Financial sector stability remains strong, with favourable capital and liquidity buffers. Strong deposit growth is more than compensating for the reduction in banks’ foreign liabilities, but non-performing loans (NPLs) are still relatively high, at around 17 per cent of total loans.

Bulgaria in the 2013 Transition Report

Our work in Bulgaria

In Bulgaria our investments span municipal infrastructure, small and medium-sized enterprises, energy efficiency and renewable energy.


Key facts about the EBRD's work in Bulgaria

No. of projects


Net EBRD investment

€2.8 billion

Gross disbursements

€2.6 billion

Portfolio in private sector



Last updated 30 June 2014

View factsheet

Our strategy in Bulgaria

The Bank will support Bulgaria’s transition to a low-carbon economy and enhance its energy efficiency and security. It will support Bulgaria's shift to more sustainable growth through a focus on enhancing local business competitiveness and investing in modernisation. In addition, the Bank will promote commercial structures and private sector involvement in the municipal infrastructure sector.

Read strategy


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