Bulgarian Becomes Deputy Managing Director of EU Strategic Investment Fund

Bulgaria's former caretaker Deputy Prime Minister, Iliyana Tsanova, was elected as the Deputy Managing Director of the European Fund for Strategic Investments (EFSI).

At its plenary session on Wednesday, the European Parliament approved the nomination of Tsanova with 454 votes in favour, daily Dnevnik informs.

Earlier on Tuesday, her nomination was approved by the Budgets and Economic and Monetary Affairs parliamentary committees with 62 votes in favour and seven against.

The approval of Tsanova was larger even than the support garnered by the candidate for Managing Director of EFSI Wilhelm Molterer.

Currently Tsanova is Director of Financial Engineering and EU co-financing at the European Bank for Reconstruction and Development (EBRD).

Between 2013 and 2014, Tsanova served on two occasions as deputy prime minister in the caretaker governments of prime ministers Marin Raykov and Georgi Bliznashki.

On both occasions as deputy caretaker deputy prime minister, she was in charge of the management of EU funds.

EFSI aims to overcome the current investment gap in the EU by mobilising private financing for strategic investments.

The fund will support strategic investments in infrastructure and innovation and will provide risk finance for Small- and Medium-sized Enterprises (SMEs).

EFSI is part of the Investment Plan for Europe, which was announced by European Commission President Jean-Claude Juncker.

The plan is expected to mobilise investments of at least EUR 315 B in three years.

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