17.07.2012

The newly elected President of the European Bank for Reconstruction and Development Sir Suma Chakrabarti is on a visit to Bulgaria at an invitation extended by the Deputy Prime Minister and Minister of Finance Simeon Djankov. At a briefing in the Ministry of Finance they shared their expectations for the forthcoming events included in the schedule of the visit.

The Finance Minister noted that during the meeting with the Prime Minister they discussed some of the major priorities of the Government and the ways in which EBRD could assist. Minister Djankov clarified that one of the most successful projects of the Bank, the integrated urban transport project of Bourgas, would be the basis for development of similar projects in other Bulgarian cities as well. He added that there would be talks with some smaller municipalities in Southeastern Bulgaria to discuss the possibility for several municipalities to apply for a single joint project.

\"I promised to the Bulgarian Minister of Finance that my first visit after my appointment would be in Bulgaria\", said Sir Suma Chakrabarti. He said he was quite impressed with the fiscal measures the country had taken. According to him, in comparison with a number of countries, including the United Kingdom, Bulgaria has low deficit, low inflation rate, the rating agencies are upgrading its credit rating and recently an issue of euro bonds was placed quite successfully. Bulgaria takes proper economic and financial steps in this tough situation in Europe, said the President of EBRD. He expressed his confidence that by putting the proper policies in place, export growth would rise, thus leading to economic growth as well. \"EBRD is ready to support Bulgaria in this progress\", assured Mr. Chakrabarti and vowed his hope that the beneficial cooperation between Bulgaria and the Bank would continue.

Later in the day there will be a meeting between Minister Djankov and Sir Suma Chakrabarti. During the second day of his visit Mr. Chakrabarti will visit Bourgas where he will make familiar with some active projects of the Bank in the region and will discuss the potential possibilities for partnership.