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LUXEMBOURG – The European Investment Bank (EIB) Group, which includes the European Investment Fund (EIF), allocated 36.2 billion euros in 2023 for projects in the poorer regions of the EU, known as cohesion regions. This is stated in an EIB report received by BTA’s editorial office.
Bulgaria is in second place for EIF cohesion investments last year with 782 million euros. The only country ahead in the EU is Romania, with 2.092 billion euros in EIF investments.
In 2023, Bulgaria ranked ninth among EU countries in total cohesion investments from the EIB Group, amounting to over one billion euros, according to data from the Luxembourg credit institution.
The country mainly utilized the investments for improving the storage of agricultural products and training personnel in the field of information technology (IT), EIB experts report.
Bulgarian ports are becoming increasingly important points for the delivery of food from Ukraine to the rest of the world, the report also states. Port infrastructure difficulties lead to additional carbon emissions and costs for carriers, transport operators, businesses, and ultimately consumers. Therefore, one of the leading grain trading and processing companies in Bulgaria – “Buildcom Group,” is constructing a large new port terminal on the Black Sea coast in Varna.
A 50 million euro loan from the EIB is expected to help modernize Varna port, enhance food security, promote greener maritime transport, and spur economic growth in the region by improving access to the export market for local farmers. The loan is supported by the InvestEU program.
In the pilot project for guaranteeing skill acquisition and education, EIF also provided a direct financial guarantee on a loan received by “Telerik Academy”, an educational institution specializing in software engineering and coding, offering IT training in Sofia. The EIF loan guarantee enabled Telerik Academy to expand its offerings and provide training to a broader audience, the bank says.
EIF commitments to credit guarantees, venture capital investments, and private equity for cohesion regions in 2023 amounted to 6.8 billion euros, representing 49% of EIF’s total commitments in the EU. The top five beneficiary countries are Romania, Bulgaria, Poland, France, and Italy.
Ensuring competitiveness and cohesion throughout the EU is crucial for an inclusive future, but also for a stronger EU on the global stage, said EIF Chief Executive Marjut Falkstedt.
Support for cohesion policy is among the eight most important priorities of the EIB Group, according to the Strategic Roadmap for the period 2024-2027, which was unanimously adopted by the shareholders of the EU financial institution in June.
This week the EC chose 134 projects that will receive over seven billion euros in grants from the EU under the Connecting Europe Facility – the EU’s strategic investment tool in infrastructure.
Bulgaria is expected to receive funding for a total of six projects – three national and three multinational involving entities from Bulgaria. (July 15)