04.11.2021
BULGARIA IS ALREADY A MEMBER OF ALL ORGANIZATIONS IN THE WORLD BANK GROUP
The Minister of Finance Valeri Belchev signed the Memorandum of Association of the International Development Association, with which our country became the 174th member of the IDA.
The ceremony took place in the office of the Permanent Representation of the World Bank Group in Bulgaria, which was attended by the Permanent Representative of the institution Fabrizio Zarcone and the Deputy Minister of Finance Monica Dimitrova-Beecher.
"I am honored to sign the IDA Memorandum of Association, which opens a new chapter in our partnership with the World Bank. Today's event is a good example of our strong cooperation with the Bank. I am glad that Bulgaria is already a full member of all organizations of the World Bank Group," said Minister Belchev during the ceremony.
He expressed gratitude to the management team of the institution for the expertise provided in support of the sustainable development of our country. Akihiko Nishio, WB Vice President for Development Finance, who heads IDA, Anna Bierde, Vice President for Europe and Central Asia, Kuun Davidze, Executive Director representing Bulgaria on the WB Group Board of Directors and Deriatu Guy, vice president and corporate secretary, joined the event via video conference. Kuhn Davidze welcomed the Minister of Finance to the IDA and added:
"We are proud and appreciate that Bulgaria has succeeded in making this great transformation and progress."
The signing of the Memorandum of Association is the last step for finalizing the procedure for membership of our country in IDA. The Minister of Finance and Governor for the Republic of Bulgaria in the organizations of the World Bank Group is authorized by a decision of the Council of Ministers to sign the original copy of the Memorandum of Association of the IDA on behalf of the Bulgarian government.
The IDA was established in 1960 and complements the work of the International Bank for Reconstruction and Development by assisting the poorest countries by providing loans on a subsidiary basis, grants and technical assistance, and is also committed to debt relief through various initiatives. IDA subscriptions and contributions are reported as official development assistance.
The World Bank Group includes five institutions: the International Bank for Reconstruction and Development, the International Finance Corporation, the International Development Association, the Multilateral Investment Guarantee Agency, and the International Center for the Settlement of Investment Disputes.
This form of ceremony is being organized for the first time and despite the challenge, its successful implementation marks the beginning of a new approach, which remains in history as unique and the only one so far to sign such an agreement.
