EFSI

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.

Bulgaria's CIBANK will be able to provide BGN 200 M (around EUR 100 M) in loans to local small and medium enterprises (SMEs) over the next three years under a deal with the European Investment Fund (EIF), the EU Commission has announced.  

Following the conclusion of an agreement between the European Investment Fund (EIF) and Cibank on Friday, 1000 Bulgarian SMEs will be eligible to receive EUR 100 M in loans under the programme for Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME).

Eight projects of six EU Member States will be the first to receive funding under the so-called Juncker Plan.

European Commission President Jean-Claude Juncker expressed his gratitude to Bulgaria and its Prime Minister Boyko Borisov for the country's announced contribution to the Investment Plan.

Earlier on Tuesday, it was announced that Bulgaria will contribute EUR 100 M towards projects financed by the European Fund for Strategic Investments (EFSI).

Bulgaria will contribute EUR 100 M towards projects financed by the European Fund for Strategic Investment (EFSI), the Finance Ministry in Sofia has said.

The contribution will be made through co-financing of projects approved by state-owned Bulgarian Development Bank, the Finance Ministry said in a statement on Monday.

The European Commission proposed on Wednesday a draft EU budget for 2016, amounting to EUR 143.5 B.

The budget is aimed to support the recovering European economy and help improve lives in Europe and beyond, the Commission's press service reports.

EU finance ministers agreed the details of a 315 billion euro ($338 billion) investment plan on March 10 to help revive the European economy without piling up more debt, and now aim to get the first projects going by the end of the year.

EU lawmakers must now approve the fund.

The finance ministers of the 28 EU member states approved at their meeting on Tuesday the investment plan of European Commission President Jean-Claude Juncker.

The ministers approved the regulation for the European Investment Plan Fund, as Italy promised to contribute EUR 8 B to the programme.

The EU's 28 heads of state or government, who met in Brussels for the European Council summit on Thursday, approved the EUR 315 billion investment plan of Commission President Jean-Claude Juncker.