Official Documents- Statutory Committee Report, L8596-BG (Closing Package)

STATUTORY COMMITTEE REPOR TO: The President, International Bank for Reconstruction and Development Recommendation of the expert selected by the Republic of Bulgaria as a member of the Committee under Section 4 (iii) of Article III of the Articles of Agreement on the proposed Loan (Deposit Insurance Strengthening Project) to the Bulgarian Deposit Insurance Fund to be guaranteed by the Republic of Bulgaria. The undersigned member of the Committee constituted under Section 7 of Article V of the Articles of Agreement of International Bank for Reconstruction and Development (the Bank) hereby submits this recommendation as part of the report pursuant to Section 4 (iii) of Article III of said Articles in respect of the proposal that the Bank grant to the Bulgarian Deposit Insurance Fund a loan in an amount of (300,000,000) three hundred million Euro, which loan is to be guaranteed by the Republic of Bulgaria. The purpose of said loan is to strengthen the financial and institutional capacity of the Borrower so as to enable it to meet its deposit insurance and bank resolution obligations. 1. The member of the Committee has carefully studied the merits of the proposal to grant such a loan, and of the purpose(s) to which the proceeds of the loan are to be applied. 2. The member of the Committee is of the opinion that the project toward the financing of which the proceeds of such loan are to be applied comes within the purposes of the Bank as set forth in Article I of said Articles of Agreement, and that said project is designed to promote the development of the productive facilities and resources of the Republic of Bulgaria and is in the interest of the Republic of Bulgaria and of the members of the Bank as a whole. 3. Accordingly, the member of the Committee finds that said project merits financial assistance from the Bank, and hereby recommends said project for such assistance. Exp ected by 6overnor for the Republic of Bulgaria Dated at Washington, D.C.