On Friday, Parliament adopted at first and second reading in a single sitting a bill ratifying the agreement between the International Bank for Economic Cooperation (IBEC) and the Government of the Republic of Bulgaria on the final settlement of mutual claims and obligations related to Bulgaria’s withdrawal from the bank. All parliamentary groups supported the ratification except Vazrazhdane, whose members voted against it.
Bulgaria’s membership in the International Bank for Economic Cooperation ended on August 17, 2023, following the implementation of a law adopted by the 48th National Assembly on February 1, 2023, denouncing the Agreement Establishing the International Investment Bank and the Agreement on the Organisation and Activities of the International Bank for Economic Cooperation.
Under the agreement, IBEC will repay Bulgaria’s full contribution to the bank’s paid-in capital, amounting to EUR 15.1 million, through annual instalments that increase over time, according to a repayment schedule set out in the agreement and covering a period of 20 years. Relations between the bank and Bulgaria will be considered fully settled once the bank has repaid the entire amount of the country’s contribution.
Under the agreement, Bulgaria has no outstanding obligations to the bank, and the bank has no claims against Bulgaria in connection with its withdrawal.
Deputy Finance Minister Lyudmila Petkova said the agreement settles the repayment of Bulgaria’s EUR 15.1 million capital contribution over 20 years and brings relations between the bank and Bulgaria to a close, with neither side having any further claims against the other.
Dimo Drenchev, an MP from Vazrazhdane, said the agreement stemmed from the National Assembly’s 2023 decision for Bulgaria to withdraw from IBEC alongside other European countries. He said the decision had been taken because the bank could not operate under European Union sanctions, as its headquarters are in Moscow. “What we are about to adopt will close off a potential opportunity for Bulgarian businesses to work with Vietnam and the Russian Federation,” Drenchev argued.
Parliament Ratifies Agreement on Bulgaria’s Withdrawal from International Bank for Economic Cooperation and Repayment of Its Capital Share 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-10-09 08:26:27
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