Qatar Pours USD 50 M in Bulgarian Development Bank

Qatar's government has deposited its first USD 50 M out of a promised amount of USD 200 M into the Bulgarian Development Bank, its CEO Assen Yagodin has announced.

Qatar's grant for investments in Bulgaria was announced in May 2012 during the visit in Sofia of Qatar's Prime Minister and Foreign Minister Sheikh Hamad bin Jassim al-Thani.

According to BDB CEO Assen Yagodin, Qatar has not announced specific guidelines for the absorption of the funding, Capital Daily reported.

However, Yagodin said the Qatari funding could be used for crediting of Bulgarian businesses, or local investments in small projects.

"Whatever the way for their utilization, the most important thing is that this money will enter the Bulgarian economy, and the first step has already been made," the CEO of the Bulgarian Development Bank, a state body, declared.

During his visit in Sofia in May, PM Sheikh Hamad bin Jassim al-Thani made it clear Qatar has interest in investing in Bulgaria's tourism, agriculture, health care, and real estate properties.

In addition, Qatar has pledged support for the construction of Bulgaria's north-south highway between the Danube city of Ruse bordering Romania and the southeastern town of Svilengrad on the border with Turkey and Greece.

Turkey was also backing the project but latest information suggests its government has backtracked.