The World Bank (WB) will support policies and investment projects needed for Bulgaria’s successful accession to the European Union.

This was announced after a meeting on February 8 between Deputy Prime Minister and Foreign Minister Ivailo Kalfin and WB country director for Bulgaria, Anand Seth.

The two discussed the drafting of a new Country Partnership Strategy (CPS), which would outline the bank’s priorities in the coming years.

The mechanisms of future co-operation are expected to be discussed by the end of February. The CPS itself should be finalised by the end of March.

The Bank’s activity will be based on the country’s achievements of the past few years and will continue policies in four key areas: education, health care, infrastructure and social integration.

The establishment of a Green Investment Fund, which will finance energy efficiency and environmentally-friendly projects, is being considered. A working group has been established to discuss the efficiency of such a fund, since its establishment is an innovative initiative, which has not so far been implemented in other countries.

According to the Kyoto Protocol, the signatories should reduce their greenhouse emissions by 2012. Bulgaria will probably have greenhouse emissions below the standards set by the protocol. This will allow it to sell rights for reduction of such emissions to other states, which have problems with their emissions and with the fulfilment of their commitments under the Kyoto Protocol.

The money from the sales will be accumulated in the fund and will be invested in energy efficiency projects.

The WB will act as a consultant on the structuring of the fund and the transactions effected.