National and Multilateral Banks sign a Memorandum of understanding on the BDB forum 2018 “Infrastructure for growth”

30 April 2018

The first international forum of the Bulgarian Development Bank was held on April 17 in Sofia. The event was closed with the signing of a Memorandum of Understanding between six national and multilateral banks. Representatives of the Bulgarian, Croatian, Hungarian, Macedonian Development Banks, the Black Sea Trade and Development Bank and the International Investment Bank signed a document, through which major projects could be implemented without further governmental indebtedness and by mobilizing different sources of financing.

Sofia to become a joint project development center for the region, through which the countries could share information and develop their skills in the preparation and implementation of projects – this is one of the next steps in the cooperation between financial institutions and governments in the region. This suggestion was brought up by BDB to the European financial institutions and development banks, visiting the forum. With expertise and advisory assistance, the center could become a regional agency for infrastructure cooperation, proposing the implementation of concrete projects.

"The slogan of the Bulgarian presidency "United we stay strong"can be realized precisely through this approach: the creation of sustainable structures, networks for cooperation and synergy of the funds," said BDB’s Chief Executive Stoyan Mavrodiev at the signing of the document. "By enabling sustainable infrastructure development, we will provide a long-term contribution to economic growth and improve the quality of life of people in our countries. To meet this challenge, we will also rely on governments, European financial instruments, and partnerships between national and international development banks. In order to achieve greater efficiency, we need to unite our efforts" also said Mavrodiev.

The Memorandum of Cooperation between the six financial institutions is open for joining by other national and international development banks and is the basis for mobilizing external financing and private investment, sharing and promoting best practices for infrastructure financing and boosting of trade.

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