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Governor Wenzel in Bulgaria for talks with senior officials

2 July 2015

Governor Wenzel in Bulgaria for talks with senior officialsPARIS - During an official visit to Bulgaria on 1-2 July, the Governor of the Council of Europe Development Bank (CEB) Rolf Wenzel held a series of meetings with senior officials, and signed on behalf of the CEB a loan agreement with CIBANK to finance small and medium-sized enterprises (SMEs).

Governor Wenzel met with Vladislav Goranov, Minister of Finance, Liliana Pavlova, Minister of Regional Development and Public Works, and Nikolai Nankov, Deputy Minister of Regional Development and Public Works. Discussions focused on current and future co-operation between the CEB and Bulgaria.

The Governor of the CEB also met with representatives of the Bulgarian Development Bank, including Angel Gekov, Chairman of the Management Board, to discuss current co-operation. At its meeting in Berlin on 12 June, the CEB’s Administrative Council approved a € 150 million loan to the Bulgarian Development Bank to finance the modernisation of housing units, including structural and energy efficiency improvements.    

On 2 July Governor Wenzel, accompanied by CEB Vice-Governor for Target Group Countries Mikołaj Dowgielewizc, signed with CIBANK a framework loan agreement of € 35 million to finance investment projects and working capital loans for small and medium-sized enterprises. This loan agreement will contribute to the development of the SME sector in Bulgaria and will promote job creation.

Commenting on his visit, Governor Wenzel said: “Talks were constructive and I am grateful for the hospitality we received in Bulgaria, a CEB member for over twenty years. At the meetings held here I reaffirmed the CEB’s readiness to broaden the basis of its lending activity in the country, and we explored areas of prospective co-operation so as to contribute to the strengthening of Bulgaria’s long-term competitiveness and social cohesion.”

Since joining the CEB in May 1994, Bulgaria has had 21 loan requests approved amounting to over € 450 million. The areas which have benefited from CEB lending are healthcare, social housing, the protection of the environment, and especially the creation and preservation of viable jobs through the support of micro, small and medium-sized enterprises.

Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook negative, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.

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