Bulgaria will enhance the cooperation with the U.S. International Development Finance Corporation
The progress of the project to expand the underground gas storage facility Chiren and the implementation of the Vertical Gas Corridor initiative were among the topics discussed between Energy Minister Vladimir Malinov with Jane Rhee, Chief of Staff of the U.S. International Development Finance Corporation (DFC) and Jake Levine, Chief Climate Officer in the Corporation. DFC supports investments in various parts of the world to build infrastructure and modernize industry. Investment in Europe and the Balkans focuses on the energy sector as fundamental to the transformation of economies.
The “Project for the expansion of the underground gas storage facility Chiren” is key to diversification and security of energy supply. Expanding this infrastructure will allow additional supplies of liquefied natural gas from reliable sources, including the U.S.A., not only to Bulgaria but to the entire region.”, Minister Malinov underlined. We recall that at the end of 2023, The U.S. International Development Finance Corporation announced that it would guarantee funding for the project through Citibank, amounting to EUR 208 mln. “The finalization of the Guarantee Agreement between DFC, Citibank and the Ministry of Finance of the Republic of Bulgaria is crucial for the successful and timely completion of the project,” the Energy Minister stressed as well.
“The Vertical Corridor project is strategic for Bulgaria and Europe. Its aim is to provide sufficient capacity to transport natural gas from reliable sources from south to north and to guarantee supplies to South-East Europe and the wider region, including Ukraine and Moldova, “ Minister Malinov pointed out. The Bulgarian Government has consistently supported the Vertical Gas Corridor initiative, which is a solidary solution to ensure gas supplies, allowing for enhanced diversification and full use of Ukrainian infrastructure after the suspension of gas transit from Russia as of the beginning of 2025. “Securing funding will ensure the timely implementation of this strategic corridor,” he added.
“The Bulgarian side welcomes the expansion and deepening of our previously successful co-operation with the U.S. International Development Finance Corporation,” Minister Malinov underscored. Jane Rhee and Jake Levine presented the Corporation's program to finance small modular reactors coming from the United States. The Bulgarian side expressed willingness to exchange experience in this area, which would provide an additional possibility for clean energy production. During the conversation, the parties agreed that technical assistance should be provided by the U.S. International Development Finance Corporation for feasibility study on whether to build a new or rehabilitate the existing Pumped Storage Hydro Power Plant Chaira (PSHPP Chaira).