November 4 (BTA) - Bulgarian Finance Minister Valery
Beltchev has signed the Articles of Agreement of the World
Bank's International Development Association (IDA). Bulgaria
becomes the 174th member of IDA, the Finance Ministry said on
Thursday.

The signing took place at the World Bank (WB) Group's Sofia
office in the presence of World Bank Country Manager for
Bulgaria Fabrizio Zarcone.

Beltchev said he felt honoured to sign the Articles of
Agreement, which opened a new chapter in the country's
partnership with the World Bank. "Today's event is a good
demonstration of our strong and sound partnership with the World
 Bank Group. We are glad that now Bulgaria is a member of all
its institutions," he said. He thanked the Bank's leadership for
 providing expertise in support for Bulgaria's sustainable
development.

The event was joined by video conference by Akihiko Nishio, WB
Vice President of Development Finance, who oversees IDA, WB Vice
 President for Europe and Central Asia Anna Bjerde, Koen
Davidse, the WB Group Executive Director who represents Bulgaria
 on the Board of Directors, and Diarietou Gaye, the WB Group
Vice President and Corporate Secretary. Davidse welcomed the
Finance Minister to IDA and praised Bulgaria for making a big
transformation and progress.

The signing of the Articles of Agreement finalizes the procedure
 of Bulgaria's IDA membership. The Finance Minister, who is
Governor for Bulgaria at the WB Group organizations, was
authorized by the Council of Ministers to sign the document on
behalf of the Bulgarian Government.

IDA was established in 1960 as the World Bank's main instrument
for assisting the world's poorest countries. IDA provides
interest-free long-term loans and technical assistance, among
others. Its lending operations are financed through
contributions from developed countries.

The World Bank Group comprises five constituent institutions:
the International Bank for Reconstruction and Development, the
International Finance Corporation, the International Development
 Association, the Multilateral Investment Guarantee Agency, and
the International Centre for Settlement of Investment Disputes.
RY/DD



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