The World Bank and Bulgaria have great potential in establishing a new model of cooperation in the absorption of EU funds, the WB President, Robert B. Zoellick, says.

Zoellick spoke Tuesday during his meeting with Bulgaria’s President, Georgi Parvanov, in the Black Sea capital Varna. Bulgaria’s EU Commissioner, Kristalina Georgieva, also attended the meeting.

Zoellick is in Varna as part of his trip to Bulgaria, Moldova, and Latvia on August 9 – 13 to meet with government leaders, business people, think tanks, civil society, visit projects and discuss development issues and the impact of the global economic crisis.

Parvanov had offered high praise to the support of the WB for the country’s efforts for reforms after the EU accession. The two joined around the idea the goals of the WB Strategy for Cooperation with the Republic of Bulgaria (2006 – 2009) laid the foundations of a successful partnership that must be extended in the future.

Parvanov pointed out Bulgaria needs strong and effective investments in the social sector aimed at the inclusion of young people, the unemployed, and the Roma, among others, and at the education reform.

Zoellick stated that according to the WB, Europe and Central Asia have been the most affected by the crisis and the recovery is still ongoing, adding the Bank is ready to help Bulgaria in overcoming the problem with the reduced flow of foreign investments.

Georgieva, who is a former Vice President and Corporate Secretary of the WB, explained the long-delayed health care and retirement reforms in some EU countries are finally in place and Bulgaria must carry out these reforms with the next two years being of prime importance for the success of these reforms.

Later Tuesday, Zoellick will sign with Prime Minister, Boyko Borisov a Memorandum of Understanding for Activating Cooperation in the Infrastructure Sector, a move Parvanov applauded.

The WB President pointed out the Memorandum is a brand new, pilot project in Europe and a symbol of the new partnership between the Bank and Bulgaria.

A video of the meeting of World Bank President Zoellick with Bulgarian President Parvanov watch HERE