BULGARIA- The European Investment Bank (EIB) has extended a €50 million (US$54.6 million) loan to Northern Bulgaria’s grain and bulk port operations to help finance a modern grain storage and transportation terminal at the Black Sea port of Varna.
EIB, the long-term financing institution of the European Union (EU), signed the agreement with Logistic Centre Varna EAD, part of Buildcom Group, to co-finance the grain terminal.
The terminal will be developed and operated by Logistic Centre Varna, a subsidiary of the Buildcom Group and a privately held Bulgarian agri-business group.
Buildcom Group, which is Bulgaria’s largest privately held sunflower oil producer and leading grain trader, will integrate its logistics business and optimize grain and bulk port operations in the Varna area, a Black Sea port.
According to the involved parties, the grain terminal is likely to become operational in the second quarter of 2026 and consists of a new quay, a silo, and other storage facilities as well as a new railway and road access.
The project is expected to support food safety, promote less carbon-intensive maritime transport and boost economic growth in the region by providing improved access to the export market for local agricultural producers.
“With its modern facilities, the new terminal will provide local grain producers with efficient and price-competitive access to the liquid international markets,” said Julian Stefanov, chief executive officer of Logistic Centre Varna EAD.
“It will be an important gateway for Bulgarian grain exports and will increase the country’s competitiveness in maritime transportation.”
This financing agreement is the first EIB transaction in Bulgaria in which a private company is benefiting from the support of the InvestEU guarantee.
The InvestEU program incentivizes investment for EU policy priorities like the green transition, including support for sustainable infrastructure.
The investment will fulfill the need for an efficient and modern grain port terminal in a less-developed region of the EU in terms of per-capita-GDP, underlining the EIB’s commitment to equitable growth.
“The EIB is proud to strengthen its partnership with the Buildcom Group,” said Lilyana Pavlova, vice president, of EIB. “The financing affirms our commitment to support Bulgarian businesses in modernizing and expanding their operations in a sustainable way, contributing to the country’s regional and economic development and increasing its competitiveness.”