Norway to Invest EUR 127 M in Bulgaria in Foreign Aid by 2014

Bulgarian Minister in charge of EU funds absorption Tomislav Donchev (R) and Tove Skarstein, Norwegian Ambassador to Bulgaria (L)

Norway will invest a total of EUR 127 M in Bulgaria in the course of the next three years, it was announced on a work meeting in Sofia's Sheraton hotel on Thursday.

The investments will be provided through the European Economic Area's Financial Mechanism and the Norwegian Financial Mechanism 2009-2014.

"It is crucial for us that these two mechanisms help us prioritize important spheres such as the social reform, childcare, investments in green infrastructure and protecting the environment," Bulgarian Minister in charge of EU funds absorption Tomislav Donchev, declared during the meeting.

He pointed out that the importance of the Norwegian investments greatly exceeds the specific amounts of money invested. "The reforms which are being carried out as a result of those investments are much more valuable," he stated.

"Norway and the EU share a common goal – to curb the economic and social disparities in Europe," Tove Skarstein, Norwegian Ambassador to Bulgaria, said during the meeting.

In July 2007, an agreement to include Bulgaria in (EEA) was signed. As a result of that, the country became a beneficiary of EEA and Norway Grants. So far, Norway Grants has awarded more than EUR 40 M to Bulgarian projects in the fields of cultural heritage, health and childcare, and environment.

While diverse in nature, the projects aim at the achievement of a common objective – to contribute to Bulgaria's economic and social integration in the EU and EEA.

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