04.11.2021

Minister of Finance Valery Beltchev signed the Articles of Agreement of the International Development Association (IDA), whereby our country became the 174th member of IDA. The ceremony took place at the Permanent Representation Office of the World Bank Group in Bulgaria and was attended by the Permanent Representative of the institution Fabrizio Zarcone and Deputy Minister of Finance Monika Dimitrova-Beecher.

“I am honoured to sign the International Development Association Articles of Agreement, opening a new chapter in our partnership with the World Bank. Today’s event is a good demonstration of our strong and sound partnership with the Bank. I am glad that now Bulgaria is a member of all WBG institutions,” said Minister Beltchev during the ceremony. He expressed his gratitude to the management team of the institution for the expertise provided in support of the sustainable development of our country. The event was also attended, via a video conference, by Akihiko Nishio, World Bank Vice President of Development Finance, who oversees IDA; Anna Bjerde, World Bank Vice President for Europe and Central Asia; Koen Davidse, the World Bank Group Executive Director for Bulgaria; and Diarietou Gaye, Vice President and Corporate Secretary. Koen Davidse welcomed the Finance Minister to IDA and added: “We are very proud that Bulgaria has managed to make such a big transformation and progress”.

The signing of the Articles of Agreement finalises the procedure of Bulgaria's membership in IDA. The Minister of Finance, who is Governor for Bulgaria at the WB Group organisations, has been authorized by a Council of Ministers’ Decision to sign the original copy of the Articles of Agreement on behalf of the Bulgarian Government.  IDA was established in 1960 and complements the activity of the International Bank for Reconstruction and Development, assisting the poorest countries by providing loans on a subsidiary basis, grants and technical assistance, while also being engaged in debt relief under various initiatives. The subscriptions and contributions to IDA are considered Official Development Assistance.

The World Bank Group comprises five institutions: the International Bank for Reconstruction and Development, the International Finance Corporation, the International Development Association, the Multilateral Investment Guarantee Agency, and the International Centre for Settlement of Investment Disputes.

A ceremony of this kind has been organised for the first time and despite the challenge, its successful implementation marks the rise of a new, unique approach for signing such an agreement.