World Bank Approves 2017-2022 Partnership Framework for Bulgaria

Business » FINANCE | May 20, 2016, Friday // 12:01
Bulgaria: World Bank Approves 2017-2022 Partnership Framework for Bulgaria

The World Bank has endorsed the new partnership framework for Bulgaria for the next six years aimed at strengthening institutions for sustainable growth and investing in people.

“The new Country Partnership Framework for Bulgaria sets the scene for Bulgaria to reap the benefits both from its EU and World Bank Group membership”, Arup Banerji, World Bank Director for Operations in the EU said in a statement late on Thursday after the World Bank board of directors approved the document.

The CPF marks a renewed engagement with Bulgaria, including the first new lending operations since 2010, the World Bank said.

The Bank has identified three policy areas with the potential to transform Bulgaria's economy: strengthening the institutional and legal framework, boosting the skills and employability of all Bulgarians, and improving the effectiveness and efficiency of public spending.

For the first two years of the 2017-2022 CPF, the partnership will focus on the strengthening of institutions and investing in people, according to the statement.

Under the first focus area the CPF will aim at improving the stability of the financial sector, boosting energy efficiency and as well as efficiency in the use of resources. Two lending instruments for a total amount of EUR 550 M are planned to support the Bulgarian Deposit Insurance Fund and the country’s programme for residential energy efficiency, the World Bank said.

Under the second area, the World Bank will build on human development in Bulgaria, spanning education, health, employment, social protection and social inclusion of marginalized communities, especially the Roma.

Bulgaria has the potential to achieve EU living standards within this generation,” World Bank Country Manager for BulgariaTony Thompson, said in the statement.

“The emergence of a young, energetic and indigenous private sector successfully competing internationally demonstrates the potential of Bulgaria’s economy that has not yet been fully realized,” Thompson added.

 

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Tags: Bulgaria, World Bank, Tony Thompson, Arup Banerji, Country Partnership Framework, CPF
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