EIB Group President Nadia Calviño charts greater support for Bulgarian economy

European Investment Bank (EIB) Group President Nadia Calviño visited Bulgaria today to discuss financing opportunities for projects that will create jobs, spur economic growth, support cohesion, and accelerate the green transition of the country.

As part her visits to all European Union member states, President Calviño met Bulgarian Deputy Prime Minister and Minister of Finance Lyudmila Petkova. They held a constructive exchange on the EIB Group's financial and advisory support for Bulgaria and opportunities to expand project financing in the country. 

The EIB Group has committed about €10 billion to Bulgaria over the past 30 years in key areas such as clean public transport, energy and energy efficiency, urban development, healthcare, sustainable agriculture, and support for small and medium sized firms. EIB Group financing and advisory services are also helping Bulgaria absorb and make maximum use of EU grants and thus speed up its convergence with more advanced EU economies.

“Our advisory services and financing are making a difference in Bulgaria, improving infrastructure and supporting growth, jobs and prosperity”, said President Calviño. “My message to Bulgarian households, entrepreneurs, innovators and farmers is that you can count on EIB Group’s stepped-up commitment in the months and years ahead.”

Calviño pledged continued long-term financing and advisory support by the EIB Group for investments that accelerate climate action, increase energy independence, drive digitalisation and boost equity funding for innovative companies and fast-growing start-ups.

The EIB Group will be supporting government's efforts to co-finance strategic projects under EU programmes to boost economic growth and underpin the transition to a net-zero economy. The Bank has approved a structural program loan for €1 billion for this programming period (2021-2027) to co-finance projects benefiting from EU funding, with the first operation expected to be signed by the end of this year.

“The EIB is a long-standing partner of Bulgaria and we appreciate the financial assistance and the advisory services provided by the bank and the constructive cooperation with the Bulgarian authorities on issues of mutual interest in a number of areas. The effect of this support is noticeable. Significant investments will be required to implement the reforms and measures necessary for achieving the goals of green transition, circular economy and digitalization, and we will rely on EIB’s commitment and its ability to develop and provide new products and innovative solutions tailored to the specific needs of the countries,” said Deputy Prime Minister Lyudmila Petkova.

One of EIB milestone projects in Bulgaria is the Sofia Metro, which today provides efficient and less-polluting transport to over 400,000 daily commuters.  With €460 million committed to it by the EIB, the capital’s metro system stands out as our largest climate-action investment in Bulgaria. The EIB has co-financed the construction of all of metro lines along with EU funding and is committed to continue its support for its future expansion. 

The EIB Group’s funding via partner local banks and partners strengthens the resilience of the Bulgarian small and medium sized companies and provides affordable lending for their green and digital transformation.  

Background information

About the EIB

The ElB Group is the long-term lending institution of the European Union, owned by the Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, consisting of the EIB and the European Investment Fund (EIF), reported total financing signatures in Bulgaria of €1.11 billion last year, more than doubling the commitment volumes from the year before.