Ukraine Set to Receive $1.9 Billion Investment Boost from World Bank
The International Finance Corporation (IFC), a financial division of the World Bank, intends to invest 1.9 billion USD in projects in Ukraine over the next 18 months
The World Bank has said it approved on Friday a EUR 300 M loan to the Bulgarian Deposit Insurance Fund (BDIF).
The 10.5-year loan has a grace period of six years.
By receiving the funds, the BDIF will be able to help ease the burden on the state budget and increase its reserve assets, contributing to a higher trust of depositors in the banking system, the Bulgarian National Radio quotes Tony Thompson, World Bank Country Manager for Bulgaria, the Czech Republic and Slovakia, as saying.
The BDIF used the bulk of its reserves to cover billions in assets of deposit holders at insolvent Corporate Commercial Bank (KTB), which was placed under supervision from the central bank in June 2014.
As of end-2015, the BDIF has BGN 486 M (EUR 248 M) at hand, most of them in state securities. The government says it needs a total of EUR 500 M to ensure stability of the banking system in the long-term.
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