Bulgaria Future Financial Tender

The future financial architecture for sustainable development and EU support for developing countries in transition were the main topics on the agenda of the Foreign Affairs Development Council held today in Brussels. The Bulgarian delegation was led by Ambassador Dimitar Tsanchev Permanent Representative of the Republic of Bulgaria to the EU. The financial architecture for sustainable development is the institutional framework within which EU funding is provided under development aid. The current system involves many actors at both national and European level.Todays discussion was in continuation of a report published in October 2019 on the topic of the Wise Group. Its chairman Thomas Weiser summarized the findings and the ministers presented their views before adopting the Council conclusions in December. The chairmen of the European Investment Bank EIB and the European Bank for Reconstruction and Development EBRD - Werner Hoyer and Sir Suma Chakrabarty - also took part in the debate.There are several key elements for Bulgaria regarding the future financial architecture for sustainable development Ambassador Tsanchev said in his speech. Emphasis should be placed on enhancing the effectiveness of available financial resources in order to maximize impact without additional financial contribution. It would be useful for the EIB and the EBRD together with the EC to propose concrete actions in this direction within the current institutional framework he stressed.We support the idea of carrying out an independent impact analysis in 2020 while not extending the mandates of the EIB and the EBRD in a way that would lead to further overlapping or uncoordinated expansion of activities. Last but not least any future changes to the financial architecture for sustainable development should not adversely affect the activities of the EIB and the EBRD in our immediate neighborhood the Bulgarian representative added.The Council also held an exchange of views on how the EU and Member States could cooperate better in support of transition countries with the objective of the debate to share experiences and identify best practices as well as challenges and common issues. interest. The focus of the discussion was on Ethiopia and Sudan. At lunch ministers discussed education-related issues with Ethiopias Minister of Education Dr. Tilaye Goethe. The challenges of education in Africa from a gender perspective were examined.