Bulgaria will expand its cooperation with the American Finance Corporation for International Development

The progress of the Chiren underground gas storage expansion project and the implementation of the Vertical Gas Corridor initiative were among the topics discussed in the conversation of Energy Minister Vladimir Malinov with Jane Rhee, Chief of Staff of the U.S. International Development Finance Corporation - DFC) and Jake Levine, the corporation's chief climate expert. The organization supports investments in various parts of the world to build infrastructure and modernize industry. Investments in Europe and the Balkans are focused on the energy sector as fundamental to the transformation of economies.

"The Chiren storage expansion project is key to the diversification and security of energy supplies. The expansion of this infrastructure will enable additional supplies of liquefied natural gas from reliable sources, including from the USA, not only for Bulgaria, but also for the entire region," emphasized Minister Malinov. We remind you that at the end of 2023, the American Finance Corporation for International Development announced that it guaranteed financing for the project through Citibank, amounting to 208 million euros. "The finalization of the guarantee agreement between DFC, Citibank and the Ministry of Finance of the Republic of Bulgaria is of crucial importance for the successful and timely completion of the project," he emphasized.

"The Vertical Corridor project is strategic for Bulgaria and Europe. Its purpose is to ensure sufficient capacity for the transfer of natural gas from reliable sources from the south to the north and to guarantee supplies to South-Eastern Europe and the wider region, including Ukraine and Moldova", stressed Minister Malinov. The Bulgarian government consistently supports the Vertical Corridor initiative, which is a solidarity solution to guarantee gas supplies, allowing for increased diversification and full use of Ukrainian infrastructure after the suspension of transit from Russia from the beginning of 2025. "The provision of financing will ensure the timely implementation of this strategic corridor," he added.

"The Bulgarian side welcomes the expansion and deepening of our successful cooperation so far with the American Finance Corporation for International Development", the energy minister pointed out. Jane Rhee and Jake Levine presented the corporation's program for financing small modular reactors of US origin. The Bulgarian side expressed readiness to exchange experience in this area, which provides an additional opportunity for the production of clean energy. During the conversation, the parties agreed that the American Finance Corporation for International Development will provide technical assistance in the study for the construction of a new or the rehabilitation of the existing pumped-storage hydroelectric plant "Chaira".