The Bulgarian and Chinese development banks signed a EUR 300 million agreement

The Bulgarian and Chinese development banks signed a EUR 300 million agreement.

The Bulgarian development bank (BDB) and the Chinese development bank (CDB) concluded a finance contract for EUR 300 million. The agreement was signed by Stoyan Mavrodiev, CEO and Chairman of BDB, and Chen Yu, Commissioner of international cooperation of CDB in Bulgaria. The ceremony was witnessed by H.E. Zhang Haizhou, Ambassador of the People′s Republic of China in Bulgaria and Ms. Liliya Ivanova, Deputy Minister of Economy of the Republic of Bulgaria.

These resources come as the first tranche of the EUR 1.5 billion agreement, signed in July 2018 at the Seventh Meeting of the Heads of Governments of China and CEE in July 2018, when the first meeting of the Interbank association China-CEE was also held and hosted by BDB.

BDB’s framework loan is the biggest project under the CDB 16+1 Initiative, under which EUR 2 billion were made available to all CEE countries. Close to 75% of the said funding has been allocated to Bulgaria. This amount can be used for bilateral lending from CDB to BDB, for co-financing, syndicated loans, project financing, joint participation in equity funds, projects of common interest and other projects, agreed on a later stage between BDB and CDB, including projects under the "One belt one road" initiative