Text size

Bulgaria terminates its membership in two international banks

published on 1/24/23 4:52 PM

Bulgarian Parliament building

Photo: Ani Petrova, BNR

The Bulgarian Parliament has decided to terminate Bulgaria's membership in the International Investment Bank (IIB) and the International Bank for Economic Cooperation (IBEC), as the Russian Federation is the largest shareholder in both.

The Bulgarian Socialist Party and Vazrazhdane party voted against. "This is not an economic, but a purely political decision, and what worries us is what happens to the credit lines for Bulgarian companies," said Rumen Gechev from BSP.

According to Martin Dimitrov from "Democratic Bulgaria", however, there is no external pressure for the decision, and if the sanctions against the Russian Federation cover these two banking institutions, Bulgaria will be damaged.

Последвайте ни и в Google News Showcase, за да научите най-важното от деня!

Radio Bulgaria News bank IBEC IIB International Bank for Economic Cooperation International Investment Bank Russia Russian Federation sanctions

More from category

The tenth anniversary edition of Tarnovo Ultra begins

A record number of participants from Bulgaria and abroad are expected to take part in the tenth anniversary edition of the Tarnovo Ultra Bike and Trail in Veliko Tarnovo, announced the organizers from the sports club “Brown Team”. The..

published on 4/12/25 6:25 AM

Participants from five continents to take part at the Sara-Nora Prima ballet competition in Burgas

Participants from North America, South America, Europe, Asia and Africa have registered for the Sara-Nora Prima international ballet competition and the academy, which will take place simultaneously in Burgas. "The mission of the competition is..

published on 4/12/25 6:10 AM

Cloudy weather and significant rainfall in central regions of Bulgaria

On Saturday , cloudiness will be significant, in many places with rainfall, intense and significant in quantity in the central regions. The lowest temperatures will be between 2° and 7°C and the highest will be between 10° and 15°C...

published on 4/11/25 7:10 PM