The EBRD's interests in Bulgaria have been largely confined to municipal services and completing privatization in the energy and banking sectors, Olivier Descamps, European Bank for Reconstruction and Development director for Southeast Europe announced on Tuesday.

The announcement followed a meeting with Economy Minister Nikolai Vassilev and Finance Minister Milen Velchev. Representatives of the 62 EBRD shareholders were on a visit this week to Bulgaria.

According to Descamps, the EBRD will do everything possible to attract more resources and accelerate the ongoing processes in Bulgaria. "The bank is also expected to use more instruments to assist the consolidation of the Bulgarian banking sector," he said.

"The EBRD's investment in Bulgaria jumped from 250 to 500 million euros within four years," Velchev said after the meeting. He familiarized the EBRD representatives with the government's priorities among those projects which the bank intends to finance.

The new EBRD director for Bulgaria, John Chomel-Doe, said the bank is already among the largest investors in the country. He said they want to continue to work with Bulgaria and to make sure that their projects coincide with the priorities of the government.

Later on Tuesday, the delegation met with Sofia Mayor Stefan Sofianski. The latter told journalists that the municipality is in talks with the EBRD on the release of a 66 million euro credit for investment in public transport. "The money will be spent to modernize 60 trams, to buy 30 new trolley buses and 120 buses, to introduce new ticketing and new transport control systems and to replace tram tracks," Sofianski said.

The EBRD and Hebrosbank signed an agreement on Monday for a six million euro credit line to finance small and medium-sized enterprises.

The business of small and medium-sized enterprises is not confined to Sofia alone or to the other big cities, it is spread throughout the country. "That is why it is important that we work with a bank that has a well-developed branch network such as Hebrosbank," Shomel-Doe said after signing the agreement.

The PHARE program will finance an 18-month technical assistance program to ensure efficient use of the credit line. The assistance program will include training and technical support for Hebrosbank in building its own loan scheme for small and medium-sized enterprises.