EBRD launches new strategy for Bulgaria

The EBRD’s Board of Directors has adopted a new three-year strategy for Bulgaria, which outlines the Bank’s key priorities for supporting the country’s further transition.

As Bulgaria continues the implementation of reforms that would help deepen the country’s integration within the European Union, the strategy identifies key remaining transition challenges. These include restructuring the power sector and improving its energy efficiency, developing greater export capacity as well as further strengthening of the infrastructure and financial sectors.

In the next three years, the EBRD will assist the Bulgarian authorities in addressing the remaining transition gaps by supporting the implementation of Bulgaria’s reform plans and helping to boost the role of the private sector in the economy.

The Bank’s operations will focus on promoting Bulgaria’s transition to a low-carbon economy and enhancing the country’s energy security through investments in renewable energy and new interconnections for delivery of gas and oil.

The EBRD will continue to invest in Bulgarian enterprises to improve competitiveness and growth potential, focusing particularly on value-added sectors such as manufacturing, agriculture and technology.

Through its investments in infrastructure, the Bank will seek to expand its activity particularly in the municipal sector, in order to promote further commercialisation of municipal companies and strengthen their corporate governance. The Bank will encourage where possible private sector participation in the transport sector.

In the financial sector the EBRD will focus on supporting the banking sector, including through special-purpose lending activities, such as energy efficiency loans for individuals and enterprises, credit lines for micro lending and leasing services.

“Bulgaria is among the more advanced economies in the EBRD region. Continued attention to its remaining reform challenges will reinforce Bulgaria’s strong growth perspective in the long term. The EBRD is committed to continue to help the Bulgarian economy reach its full development potential through innovative work with Government and private partners,” said Daniel Berg, EBRD’s Director, Bulgaria.

Since the beginning of its operations in Bulgaria, the EBRD has committed €2.5 billion in various sectors of the country’s economy, as well as mobilising additional investment in excess of €5 billion.