The construction of the new World Bank office in Sofia will begin in July 2019, with the first-stage of the project due to be complete within two years. The Sofia location will focus on IT and Financial Management for the World Bank. In order to fulfill the terms of a subsidy agreement with the Bulgarian government, the World Bank has commited to hire 300 people within 5 years. (Bulgaria will provide subsidies of about 5 million Euro for the project.)
This is the second such World Bank shared service centre outside America, the first one located in India.
"The establishment of the structure in Sofia will have a positive impact on the economic environment in the country," said Vladislav Goranov, Minister of Finance. "In addition, the presence of an authoritative organization such as the World Bank in Bulgaria will further enhance the prestige of our country to the international investor community as an attractive destination for business and investment," the minister added.