EBRD appoints new director for Bulgaria

EBRD appoints new director for Bulgaria

The European Bank for Reconstruction and Development (EBRD) said on Tuesday it has appointed Romanian national Anca Ioana Ionescu as its new director for Bulgaria.After Ionescu assumes her new role in Sofia on December 16, replacing Larisa Manastirli, she will lead the EBRD's operations in Bulgaria and manage a portfolio of close to 1 billion euro ($1.1 billion), the bank said in a statement. "I am honoured to take on this new role as Bulgaria’s economy is growing robustly and sound fiscal policies are being recognised in the country’s upgraded credit rating," Ionescu said in the statement. Last week, Standard & Poor's (S&P) said it has raised its long- and short-term foreign and local currency sovereign credit ratings on Bulgaria to 'BBB/A-2' from 'BBB-/A-3' with positive outlook, based on the ratings agency's view that Bulgaria is expected to continue to progressively strengthen its fiscal and external position, as the country grows resiliently in a weaker external economy."The EBRD will build on Bulgaria’s macroeconomic performance and its integration into the EU’s financial architecture. We will continue providing financing and advice for successful local companies, banks and infrastructure projects while also supporting the authorities in designing policies that further advance the country towards a sustainable market economy, thus accelerating income convergence,” Ionescu added.Ionescu has been previously appointed as a Head of North Macedonia for the EBRD, also acting as the interim Head of Kosovo between 2017 and 2018. EBRD is one of the largest institutional investors in Bulgaria - it has invested about 3.9 billion euro to date in 253 projects, the majority of which in the private sector.($ = 0.90302 euro)

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