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PRESS RELEASE

Bulgaria could achieve smart, sustainable and inclusive growth

February 16, 2011




The World Bank Country Director for Central Europe and the Baltic Countries meets the Prime Minister to discuss the partnership strategy for the next 5 years

SOFIA, February 16, 2011 ― Bulgaria’s economy is recovering well, with positive prospects for achieving smart, sustainable and inclusive growth- in line with the Europe 2020 strategy. Speeding up convergence of living standards is closely linked within strengthened management and absorption of EU funds and addressing the challenge to upgrade infrastructure and improve energy efficiency. These were the main topics of discussion between the World Bank Country Director for Central Europe and the Baltic Countries Peter Harrold and Bulgaria’s Prime Minister Boiko Borissov.

The World Bank Group is privileged to continue supporting Bulgaria as it moves forward within the European Union. The World Bank aims to work with Bulgaria to help increase its absorption of EU funds trough provision of stepped-up knowledge services, and to meet the challenges of Europe 2020 in such areas as innovation, adaptation to climate change and reducing carbon emissions. The Bank will also as appropriate make financing available to compliment the resources from European institutions”, the World Bank Country Director for Central Europe and the Baltic Countries Peter Harrold said. He discussed with the Prime Minister of Bulgaria key elements of the World Bank support for the next five years.

The World Bank Group is currently discussing the new Country Partnership Strategy for Bulgaria for the period 2011-2015 which is expected to be presented to the Board of Executive Directors in May 2011. It will be anchored at the Memorandum of understanding, signed by World Bank Group President Robert B. Zoellick and Prime Minister of the Republic of Bulgaria Boiko Borissov in August last year.

During the meeting it was emphasized that the World Bank Group will deliver on the promise to step up cooperation in the development of Bulgaria’s infrastructure with important steps in support of Bulgaria’s railway already being taken. The World Bank Group private sector arm, the Internationals Financial Corporation (IFC), will focus on private sector investments on renewable energy and climate change-related infrastructure and industries, agriculture and social sector private investments.

The three day visit to Bulgaria of the World Bank Country Director for Central Europe and the Baltic Countries Peter Harrold is part of the World Bank’s consultations process about Bulgaria’s economic prospects and development challenges and the World Bank’s role in the country. During his stay in Bulgaria Peter Harrold met also with the Speaker of the Parliament Tsetska Tsacheva and Parliamentary Budget Committee. He had also discussions with high level officials from the Ministry of Finance, Ministry of Economy, Energy and Tourism, Ministry of Regional Development and Public Works, Ministry of Environment and Waters, Ministry of Interior, and ambassadors. 

Media Contacts
In Sofia
Ivelina Taushanova
Tel : (359 2) 96 97 239
itaushanova@worldbank.org

PRESS RELEASE NO:
2011/02/16/BG

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