24.03.2016

The Minister of Finance Mr. Vladislav Goranov and the EBRD Regional Director for Bulgaria and Romania Mr. Matteo Patrone signed today in Sofia a Guarantee Agreement between the Republic of Bulgaria and the EBRD granting a state guarantee for a loan of EUR 300 million extended to the Bulgarian Deposit Insurance Fund. The Guarantee Agreement was signed with a provision for a subsequent ratification by the National Assembly of the Republic of Bulgaria.

In parallel to that, the Chairman of the BDIF Management Board Mr. Radoslav Milenkov and Mr. Matteo Patrone signed the Loan Agreement between BDIF and EBRD. The loan which is extended for a period of 9 years with a grace period of 6 years will replenish the reserves of BDIF and will help optimise its financing structure. With these financial resources the Fund, which was set up in 1999 and aims to contribute to the stability and trust in Bulgaria's financial system, will get a greater financial independence and sustainability in the long run.

The European Bank for Reconstruction and Development is one of the significant investors in Bulgaria. Since the launch of its activities, the Bank has invested a total of EUR 3.3 billion in the financing of over 220 projects in the country.