Sat, Feb 11 2012

EBRD earmarks 250M euro for investment Bulgaria in 2009

Tue, Mar 17 2009 17:34 CET

byAlex Bivol

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EBRD earmarks 250M euro for investment Bulgaria in 2009

Photo: Assen Tonev

The European Bank for Reconstruction and Development (EBRD) would invest 250 million euro in projects in Bulgaria in 2009, an increase of 25 per cent over 2008, the institution's president Tomas Mirow said on March 17 in Sofia.

About half of that amount would go to banks to stimulate corporate lending, Mirow said, as quoted by Bulgarian news agency BTA. Bulgarian banks held no toxic assets and had good liquidity ratios, he said, but increasing aversion to take risks would be felt by consumers.

"In pure financial terms, Bulgaria is more stable and more resilient in the crisis than some of its neighbours," Mirow told reporters after meeting Finance Minister Plamen Oresharski. "But there can be no doubt that Bulgaria will be deeply affected like the other countries in Europe by the downturn of the real economy."

The energy sector with be other main recipient of EBRD funding, which would concentrate on energy efficiency and diversification of energy sources.

Economy and Energy Minister Petar Dimitrov said, after meeting Mirow, that the amount that EBRD would allocate to energy projects in Bulgaria was still being negotiated. Bulgaria hopes to secure at least some of the 250 million euro needed to expand its gas storage facility at Chiren from international lenders.

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