EBRD Doubles Investments in Bulgaria, Boosting Key Sectors in 2024
The European Bank for Reconstruction and Development (EBRD) has significantly increased its investments in Bulgaria for 2024
Hungarian Prime Minister Viktor Orban expressed confidence that GERB leader Boyko Borissov would successfully form a government and bring stability to Bulgaria. During a visit to Sofia, Orban described Borissov as a good friend and commended the recent political developments in Bulgaria as promising. He emphasized the importance of Bulgaria having a stable government, not just for itself but also for Europe and Hungary.
Orban praised Borissov for his consistent support of Hungary, particularly in ensuring that gas transmission via the "Balkan Stream" pipeline remained uninterrupted despite external pressures. Highlighting the strategic role Bulgaria plays in Hungary’s energy security, Orban explained that Hungary relies heavily on natural gas supplies, with about 7 billion cubic meters of its total 9 billion annual consumption passing through Bulgaria. He also noted successful negotiations with the United States to delay sanctions on Gazprom’s bank, which further ensured Hungary’s energy security.
Borissov, in turn, expressed gratitude for Hungary's support in Bulgaria’s bid to join the Schengen Area. He reiterated the significance of the "Balkan Stream" pipeline, calling it a "pipe of friendship" that benefits not only Bulgaria but also neighboring countries such as Serbia, Hungary, North Macedonia, and Turkey. Borissov highlighted the substantial financial benefits Bulgaria derives from transit fees, emphasizing the strategic importance of the pipeline for regional cooperation and economic gains.
Earlier, Viktor Orban met with Bulgarian President Rumen Radev, who reaffirmed Bulgaria's role as a reliable energy partner for Hungary and the wider Central and Eastern European region. Radev praised Orban’s pragmatic approach to addressing geopolitical challenges and underscored the importance of peace in Ukraine through diplomatic efforts. Both leaders agreed on the necessity of prioritizing diplomacy in European discussions while enhancing the continent’s competitiveness.
Orban further acknowledged Bulgaria’s critical role in ensuring energy supplies amidst the ongoing war in Ukraine, which has reshaped regional dynamics. He noted that Hungary imported 5.6 billion cubic meters of gas through Bulgaria last year, a figure that has increased to 9 billion this year. The substantial portion of Hungary’s gas supply passing through Bulgaria underscores its strategic importance in securing energy stability for Hungary.
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