The World Bank opened a Shared Services Center in Sofia

Prime Minister Boyko Borisov and Sofia Mayor Yordanka Fandakova opened the World Bank's Shared Services Center in Sofia. The event was attended by the Managing Chief Administrative Officer of the World Bank Group, Shaolin Yang, the Minister of Finance, Vladislav Goranov, the Deputy Mayor of Sofia, Doncho Barbalov, the Executive Director of Sofia Municipal Investment Agency, Vladimir Danailov and the Director of Sofia Tech Park, Todor Mladenov.

Mayor Fandakova pointed out that the choice of Sofia by the World Bank raises the prestige of our city and places it as an innovative and technological center and the municipality will continue to invest in the development of infrastructure and education.

The opening of a Shared Services Center provides opportunities for the development of information technology, financial management and human resources management in Sofia and the region.

In the recent years a unique environment for the development of new technologies and innovations has been established in Sofia. The capital attracts more than half of the foreign investments in Bulgaria, targeted at high-tech sectors, industries and activities with high added value.

Sofia is developing as an entrepreneurial center on the Balkans. That is why, in 2015, the Forbes Magazine ranked Sofia among the top 10 of the best cities in the world for starting a business.

95% of the start-ups in Bulgaria are based in Sofia and the ecosystem is fully built with venture capital funds, accelerators and incubators, while developed companies are already investing in development centers. The share of start-ups focused on technology, especially on artificial intelligence and space technologies is over 15%. This environment is an indicator of the investment climate in the capital. In addition to offering entrepreneurs from all over the world opportunities to establish contacts with local companies and investors, Sofia also provides an international business environment and an opportunity to communicate with foreign partners.

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