Bulgaria - Commercial Guide
Bulgaria Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in bulgaria, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Trade & Project Financing 

Methods of Payment

As with any international transaction around the world, the method of payment is determined by the degree of trust in the buyer’s ability and willingness to pay.  Full payment in advance is highly recommended for the first few transactions/deliveries, and while the importer is still unknown. All regularly utilized methods of payment are common in Bulgaria.

 

Table:  A History of Bulgaria’s Credit Rating

Agency

Rating

Outlook

Date

Fitch

BBB

positive

July 2025

S&P

BBB

stable

July 2025

MOODY’s

Baa1

stable

Jan 2025

Banking System

The Bulgarian National Bank (BNB; http://www.bnb.bg/?toLang=_EN) regulates and supervises other banks’ activities, carries out research; and compiles and analyzes statistical data. BNB is a member of the European System of Central Banks. BNB operates independently of the government and reports directly to Parliament. The Bulgarian currency is pegged to the euro; the fixed exchange rate is 1 EUR = 1.95583 BGN. On January 1, 2026, Bulgaria will join the Eurozone.

There are 25 commercial banks in Bulgaria; five are branches of foreign banks. Citibank is the only U.S. bank with an office in Bulgaria.                                                                                

While credit cards and e-banking are popular, personal checks are largely unknown and unused. The number of POS terminals in the country and the share of the non-cash transactions have grown significantly in the past few years. 

Foreign Exchange Controls

There are no restrictions on payments or currency exchanges. Additionally, the international financial remittances for the payment of Bulgarian imports are allowed. Only bank transfers permit the export of hard currency by commercial entities, including juridical persons and sole traders. Currency transfers for international payments, including the import of goods and services, transportation, interest and principal payments, insurance, training, medical treatment and other purposes defined in Bulgarian regulations, must be supported by documentation such as invoices, certificates, or transport documents, to the transferring bank.

U.S. Banks & Local Correspondent Banks

Some Bulgarian banks may have 100 or more U.S. correspondent banks, and some U.S. banks may have correspondent relationship with more than one Bulgarian bank. As banking relations can change quickly, the best source of current information on correspondent banking arrangements is the banks themselves. While Citibank offers corporate and investment banking services, it does not currently provide retail services. 

Project Financing

U.S.-Based Financing

  • The U.S. Export-Import Bank (EXIM) is a source of export financing and insurance for U.S. transactions in Bulgaria.  If approved, Exim Bank will guarantee a commercial bank loan up to 85 percent of the value of the contract. Exim will also accept guarantees from larger municipalities.  
     
  • The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today.  More information: https://www.dfc.gov/ 
     
  • The U.S. Trade and Development Agency (TDA) promotes U.S. exports by funding feasibility studies, technical assistance, training programs, and orientation visits. More information: https://ustda.gov/
     
  • The European Bank for Reconstruction and Development (www.EBRD.com), whose largest shareholder is the U.S. Government, has a number of programs available for U.S. companies and has an office in Bulgaria (https://www.ebrd.com/bulgaria-data.html). The Bank provides loans and takes equity stakes in infrastructure and private-sector development projects and mandates open competitive tenders. For more information: https://www.ebrd.com/work-with-us/project-finance/funding-process.html>
     
  • The International Finance Corporation (IFC), part of World Bank Group, can provide financing, investment and guarantees. Investment opportunities include loans, equity investments, trade and commodity finance, derivatives and structured finance and blended finance. It can also mobilize additional funding through parallel loans, loan participations, partial credit guarantees, securitizations, loan sales, risk sharing facilities and fund investments (https://www.ifc.org/en/home). The World Bank also can provide guarantees (IBRD/IDA) for private sector projects. These can be combined with project bonds to finance transactions for construction, operation, and others, securing a lift-up in the rating of these bonds. See: https://www.worldbank.org/en/programs/guarantees-program.
     
  • The Multilateral Investment Guarantee Agency (MIGA) is part of the World Bank Group.  Its purpose is to encourage foreign investment in developing countries by providing credit enhancement and investment guarantees, including political risk insurance, against the risk of currency transfer, expropriation, war, civil disturbance and breach of contract by the host government.  For more information, please see: https://www.miga.org/ 

EU-Based Financing 

As an EU member, Bulgaria has access to project financing from EU structural and cohesion funds for grants, loans, loan guarantees and co-financing for feasibility studies and infrastructure projects in several key sectors. During the program period 2021 — 2027, the cohesion fund provides for several key sectors, including environment, sustainable development, energy, and trans-European networks related to transport infrastructure (TEN-T). For more information: https://www.eufunds.bg/en

Financing from the European Structural and Investment Funds covers 12 operational programs: Good Governance, Environment, Innovation and Competitiveness, Maritime and Fisheries, Science and Education for Smart Growth, Rural Development, Human Resources Development, Fund of Funds, Regions in Growth, Community-led Local Development, Transport and Transport Infrastructure, and Programmers for Territorial Cooperation. and is available in five separate funds:

  • European Regional Development Fund - Regional and Urban Development
  • European Social Fund - social inclusion and good governance
  • Cohesion Fund - economic convergence of less developed regions
  • European Agricultural Fund for Rural Development
  • European Maritime and Fisheries Fund


Bulgarian officials are the key decision-makers for structural funds. To become familiar with available financial support programs in Bulgaria, would-be contractors should meet with local officials to discuss local needs

Tenders issued by Bulgaria’s public contracting authorities for projects supported by EU grants are subject to EU public procurement legislation if they meet the EU minimum contract value requirement for the eligible sector. There are no overt rules prohibiting the participation of U.S. companies as developers or concessionaires of projects partially supported by the structural funds, or as bidders on subsequent public tenders related to such projects, but it is advisable to team up with a local partner

All projects supported by the structural funds are co-financed by national authorities and most may also qualify for a loan from the European Investment Bank. The private sector is also involved in project financing

See approved programs at:  https://www.eib.org/en/projects/pipelines/index.htm
Trans-European transport networks, involving EU priority infrastructure projects that support the Connecting Europe Facility.

Projects in energy or transport that benefit the environment in terms of energy efficiency, use of renewable energy, developing rail transport, supporting intermodal ties, and strengthening public transport. See: https://ec.europa.eu/regional_policy/home_en

The Bulgarian Development Bank (BDB) offers project financing for investment projects in Bulgaria. Applicants can be both newly created and existing companies with a credit and financial history. Depending on the size and requirements of the project, BDB can organize syndication or external co-financing of a loan with other financial institutions, including the European Investment Bank under the European Fund for Strategic Investments (EFSI): https://bbr.bg/bg/produkti-i-uslugi/produkti/proektno-finansirane/.

U.S. exporters (suppliers and subcontractors) are eligible to bid on EU-financed projects. The U.S. Commercial Service at the U.S. Mission to the European Union https://www.trade.gov/european-union offers a tool on its website to help U.S.-based companies identify European public procurement opportunities.

The European Investment Bank (EIB), the financing arm of the EU, is a non-profit banking institution offering cost-competitive, long-term lending in Europe for private and public EU-based borrowers in all sectors of the economy. EIB projects must contribute to the EU’s socioeconomic objective to include:

  • fostering development of less favored regions 
  • improving European transport and telecommunication infrastructure 
  • protecting the environment
  • supporting the activities of SMEs
  • assisting urban renewal and 
  • generally promoting growth, competitiveness and employment in Europe
  • Seven EU Operational Programs are available to Bulgaria from the European Investment Bank to include
     

EIB presents attractive opportunities to U.S. businesses with low interest rates. However, U.S. firms must be certain that projects for which they apply for funding contribute to the European objectives cited above. Loans from the European Investment Bank can be found here: (www.eib.org)

Financing Web Resources

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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