04.09.2018 First tranche of EUR 1.5 billion framework agreement between BDB and CBD to be utilized

Stoyan Mavrodiev, Chairman of the Management Board and CEO of Bulgarian Development Bank, discussed together with the President of the ChongQing branch of the China Development Bank Mr. Wang Weidong the signing of the first tranche of the EUR 1.5 billion agreement in Sofia. The first tranche will amount to EUR 300 million. The meeting was part of the first institutional visit of Wang Weidong in Bulgaria. He emphasized that our country is an important partner of China Development Bank, and that the Bank's representatives see great potential and opportunities for successful cooperation. CDB has an investment interest in co-financing major infrastructure and important national projects in Bulgaria in partnership with BDB. Stoyan Mavrodiev and Wang Weidong value highly the cooperation between the two financial institutions which started in 2009. In 2017 the parties signed an agreement for a long-term interbank loan of EUR 80 million. This year, in the presence of the Prime Ministers of Bulgaria and China, the two banks signed a EUR 1.5 billion framework agreement to be funded in the upcoming 5 years under the “One Belt, One Road” Initiative. Upon CDB’s kind invitation BDB’s executive leaders will visit China in November 2018.

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