The European Bank for Reconstruction and Development (EBRD) is supporting Bulgaria’s capital market development and strengthening Sofia Airport’s financial resilience through its participation in the airport operator SOF Connect AD’s first bond issuance. The Bank subscribed €50 million across two senior notes as part of a €450 million financing package, which includes refinancing bonds, CAPEX bonds, and a CAPEX loan facility. This transaction marks a milestone for Bulgaria, supporting both the sustainable development of its main airport and the country’s broader economic ambitions.
The EBRD’s investment in refinancing bonds will reinforce Sofia Airport’s long‑term financial structure, while its commitment to CAPEX bonds will finance facility upgrades. The bonds are listed on Euronext Dublin, representing the first issuance of this type by a Bulgarian entity. The landmark deal has attracted new institutional investors to Bulgaria, broadening the country’s investor base and setting a benchmark for future transactions.
Sofia Airport, Bulgaria’s primary international gateway, has been operated by SOF Connect AD since 2021 under a long‑term concession agreement. This concession is the largest in the country’s transport sector and the first major public‑private partnership in over two decades. SOF Connect AD is owned by French infrastructure investor Meridiam, with the EBRD holding a minority stake through Meridiam’s investment vehicles.
The EBRD has played a key role in structuring public‑private partnerships across its economies, including supporting the Bulgarian government during the concession process in 2020 and contributing to the debt package in 2021. Despite the challenges of COVID‑19, Sofia Airport has upgraded infrastructure, improved passenger services, and set a goal to become fully carbon neutral by 2036, dedicating over €50 million to decarbonisation measures.
As a major institutional investor in Bulgaria, the EBRD has invested more than €5 billion in 320 projects to date. Its involvement in Sofia Airport’s bond issuance underscores its dual priorities of advancing innovative capital market structures and improving regional connectivity through modern, competitive infrastructure.
