Bulgarian Govt Seeks to Absorb 20% of EU Funds by 2011 End

Monday's was the 9th edition of the Banks Investments Money forum, and the second time the forum is taking place in Sofia. Photo by BGNES

Bulgaria's government is shooting at a 20% absorption rate of EU funds by the end of 2011, EU Funds Minister Tomislav Donchev announced at the opening of the "Banks Investments Money" forum.

Donchev, together with Sofia Mayor Yordanka Fandakova and Hungarian Ambassador to Bulgaria Judit Lang, who represents the Hungarian EU Presidency, opened Monday in Sofia the "Banks Investments Money" forum – Bulgaria's top finance forum.

Monday's was the 9th edition of the Banks Investments forum, and the second time the forum is taking place in Sofia. On April 4, 2011, the day of the holding of the forum, the Atlantic Club in Bulgaria celebrated its 20th birthday.

"We are in such a time and place that we can't live with modest goals. We are doomed to have only ambitious goals. The percentage of EU funds absorption is not the most important thing – rather, it is the improved lives and competitiveness that mater," Bulgaria's EU Funds Minister told the top Bulgarian bankers and financiers.

He said that a total of BGN 3 B of EU money have been paid to Bulgarian beneficiaries to date under the EU programs – including BGN 1.7 B under the operational programs, and BGN 1.3 B under the rural development program.

"This money brings us not just asphalt, concrete, and bricks, i.e. infrastructure; it brings us competitiveness and work discipline, and improves Bulgarian institutions," the minister declared mentioning that by the end of 2010 Bulgaria had absorbed a total of 10% of the EU funds slated for it for the 2007-2013 period.

The government plans to reach a 20% absorption rate by the end of 2011, and 35%-40% by the end of 2012.

Hungarian Ambassador to Bulgaria Judit Lang in turn underscored the importance of the Banks Investment Money forum, and pointed out the crucially important coordinated EU response for the recovery from the economic and financial crisis.

She did say that before the crisis the EU member states had failed to observe properly the requirements of the EU Stability and Growth Pact, which paved the way for unsustainable public debts in many member states but contrasted this development to the measures taken in response to the crisis – including the future European stability mechanism and stability facility as well as stress tests.

The "Banks Investments Money" expo and conference are organized by Emil Popov, Chair of the "Banks Investment Money" Foundation, Solomon Passy, President of the Atlantic Club in Bulgaria, and Maxim Behar, CEO of Bulgaria's largest PR company M3 Communications Group, Inc.

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