The monument was erected following a winning national competition. It was officially unveiled on October 5, 2014. The sculpture is a two-figure composition depicting the Georgievi brothers and stands at a total height of 320 cm, including the pedestal.

Evlogi and Hristo Georgievi were prominent Bulgarian philanthropists and financiers who played a key role in the cultural and educational development of Bulgaria in the 19th century. Their generous donations contributed to the establishment of Sofia University and many other important institutions. The monument in Karlovo honors their legacy and lasting contribution to Bulgarian society.