The Executive Agency for the Promotion of Small and Medium-sized Enterprises (BSMEPA), under Bulgaria’s Ministry of Innovation, has formalized a partnership with the International Bank for Reconstruction and Development, part of the World Bank Group. The agreement, aimed at bolstering businesses in Northern Bulgaria, was signed at a ceremony held at the Council of Ministers, with the presence of Deputy Prime Minister and Minister of Innovation and Growth Tomislav Donchev, World Bank Vice President for Europe and Central Asia Antonella Bassani, and BSMEPA Executive Director Boyko Takov.

The initiative is designed to enhance the competitiveness, growth, and modernization of small and medium-sized enterprises in Northern Bulgaria. The services offered will encompass financing assistance, business development support, market expansion strategies, digitalization guidance, and the introduction of innovations.

Highlighting the importance of the agreement, Donchev stated that Bulgaria’s collaboration with the World Bank builds on years of established experience. He emphasized the significance of investment in education, innovation, and human capital to foster sustainable economic progress.

Antonella Bassani underlined the shared vision between the World Bank and Bulgaria, emphasizing that the agreement aims to create better opportunities for both businesses and citizens. She noted the importance of equipping Bulgaria’s enterprises and workforce to not only adapt to change but to lead it.

BSMEPA Executive Director Boyko Takov described the project as multi-dimensional, stressing that the World Bank’s expertise would be instrumental in supporting companies in Northern Bulgaria to accelerate their development. He expressed optimism about the success of this second project with the World Bank and its potential for expansion in the future.

The agreement is part of the “Providing Comprehensive Services to Enterprises from the Northern Regions of Bulgaria” project, which falls under the 2021-2027 “Competitiveness and Innovation in Enterprises” program. The initiative seeks to address regional disparities by improving the business environment and supporting sustainable growth. Activities under the agreement will be jointly executed by BSMEPA and the World Bank, targeting a broad range of economic sectors.