Bulgaria takes out a half-billion-lev loan to co-finance EU projects

The government has approved an agreement under which Bulgaria will take out a €250 million loan from the Council of Europe Development Bank. This is clear from the decisions of the Council of Ministers on Wednesday. This mechanism can be used to co-finance European programs for the period 2021 – 2027.

The Council of Ministers says that the ratification and entry into force of the Agreement will contribute to the development of projects in the field of social services, human resources, and education. It will provide part of the financial resources needed to cover the national contribution to projects implemented under the programs “Human Resources Development 2021 – 2027” and “Education 2021 – 2027.”

This will help ensure their successful implementation and the achievement of the objectives of these programs, according to the explanatory memorandum to the decision.

The conclusion of the framework loan agreement is provided for in Article 70, paragraph 4 of the Law on the State Budget of the Republic of Bulgaria for 2025.

The Council of Europe Development Bank is the oldest international financial institution in Europe. It was founded in 1956. It supports the Council's priorities of social cohesion, the promotion of the rule of law, and respect for human rights. Bulgaria has been a member since 1994.

Translated with DeepL.