EBRD President Thomas Mirow will visit Bulgaria and Romania in the week commencing March 16, the bank announced.

The trip will underscore the EBRD's commitment to both these countries, in the longer term, and especially during this period of global economic volatility, according to a press release of the bank.

The EBRD has pledged to step up its support for the countries where it invests, including in Bulgaria and Romania.

President Mirow will travel to Bulgaria on 16-17 March and hold discussions with senior government officials, business groups and the diplomatic community in Sofia.

On 17 March he will sign a Memorandum of Understanding with Finance Minister Plamen Oresharski on supporting energy efficiency and renewable energy projects.

The EBRD has placed a high priority on energy efficiency investments in Bulgaria, where its total investments to date amount to EUR 1.7 B, across the whole economy including also in the financial and corporate sectors. Working with its many partners, the Bank has mobilised more than EUR 6.2 B for projects in Bulgaria.

President Mirow will also meet senior representatives of the new Romanian government as well as business leaders on 18-19 March during his visit to Bucharest.

The EBRD said it is preparing a significant increase in its investments in Romania this year from over EUR 300 M in 2008.

The priorities this year will be to support the real economy by helping to ensure banks are in a position to carry on lending to small and medium-sized enterprises and also working particularly in the energy and energy efficiency areas.

To date, the Bank has invested about EUR 3.8 B in 249 projects in Romania and helped mobilise a further EUR 7.2 B from external sources, resulting in total investments of over EUR 11 B.

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