Bulgarian development bank Bulgarian development bank

Apply for it

About Us

Bulgarian Development Bank (BDB) is a financial institution 99.9%-owned by the Bulgarian state. It was established in 1999 as the Encouragement Bank with main focus to support small and medium-sized enterprises. BDB is among the top four Bulgarian banks in terms of credit rating, rated "BBB" with a stable outlook by Fitch Ratings. It is the only Bulgarian bank to provide direct financing as well as financing via other credit institutions. BDB is the best-positioned local bank to raise funds from international partners. Its subsidiaries are the National Guarantee Fund, which issues guarantees for bank loans to the non-financial sector; the Micro Financing Institution Jobs, which provide financing to SMEs and start-ups; the Capital Investments Fund as well as the BDB Leasing and BDB Factoring.


Focus of Our Efforts

  • Start-ups and innovations
  • Exporters of finished goods
  • Manufacturing industry
  • Extractive industries
  • Agriculture and Tourism


Our Resources


Balance-sheet indicators July 2020
Assets BGN 3 725 252 th.
Direct loans to companies, individuals and the National Energy Efficiency Program BGN 1 957 307 th.
On-lending financing BGN 157 014 th.
Equity BGN 1 503 354 th.


Stamen Yanev
Chairman of the Supervisory Board
Stamen Yanev is a lawyer specialized in M & A and investment fields. His professional career encompasses positions in the major international consulting companies, including the Bulgarian divisions of some of the four largest audit firms in the world. He hold master's degree in law from Sofia University "St. Kliment Ohridski ”. Mr. Yanev has specialized in European and English law at ASSER College Europe in the Netherlands, University of Cambridge, University College London, European University Institute (Italy). Stamen Yanev has been the Executive Director of the Invest Bulgaria Agency since January 2015. He is fluent in English, Russian and German.
Mitko Simeonov
Deputy Chairman of the Supervisory Board
Mitko Simeonov has a Master degree in Law from the New Bulgarian University and a Master degree in International Economic Relations from the University of National and World Economy. He also holds a postgraduate degree in financial management from the University of National and World Economy. He was Deputy Executive and Executive Director of the Agency for Privatization and Post-Privatization Control.
Velina Burska
Member of the Supervisory Board
Velina Burska has a Master Degree in Economics and Organization of Internal Trade from the University of National and World Economy. From 2002 to 2017 she was the director of the Post-Privatization Control Directorate at the Agency for Privatization and Post-Privatization Control.


Panaiot Filipov
Member of the Management Board and Executive Director
Panaiot Filipov graduated from the UNWE with a Master’s Degree in Economics and specialized in stock exchange at Delaware University in Bulgaria. In 1998, he was awarded Broker No. 1 on the Bulgarian Stock Exchange with the largest number of transactions for the year.

He joined the banking sector in 2001 and until 2008 he held various positions in EI Bank, DZI Bank, where he was also a member of the Management Board, as well as in Piraeus Bank Bulgaria. In 2012, he took over management functions at the Municipal Bank. In 2014, Panaiot Filipov was appointed as a member of the Board of Directors of the insurance joint stock company “OZK – Insurance” and in 2017 he became the Executive Director and member of the Management Board of the Bulgarian Export Insurance Agency (BAEZ). In April 2020 Panaiot Filipov was elected Executive Director and Member of the Management Board of the Bulgarian Development Bank

Jivko Todorov
Member of the Management Board and Executive Director
Jivko Todorov holds Master's degree in Accounting and Controlling from UNWE in Sofia, as well as an Executive MBA from Hult International Business School in London. He began his professional career in 1997 at ING Bank – Sofia branch, where he has held the positions of Accountant Operations, Financial Controller, Chief Financial Officer and Member of the Management Beard for Bulgaria until 2012. During 2012-2014 he was appointed Chief Financial Officer and Member of the Management Team of Alfa Bank - Bulgaria. From June 2014 to March 2020, he was First Investment Bank’s Chief Financial Officer and Member of the Management Board, responsible for Finance, Accounting, Investor Relations, Treasury and Financial Institutions and Correspondent Relations. Under his leadership, an internal transfer pricing policy and cost allocation model have been developed and implemented, as well as a model calculating the profitability per business line, product and customer. He has contributed to upgrading the bank's rating during the period of 2014-2017, as well as establishing a financial and business analysis unit.
Nikolay Dimitrov
Member of the Management Board and Executive Director
Nikolay Dimitrov holds a Ph.D. in Economics from the University of National and World Economy (UNWE) with specializations "International Economic Relations" and "Finance". Between 2007 and 2015, he completed a number of additional courses and qualifications at the Judge Business School at Cambridge University (UK), the Investment Banking Institute (USA), among others. His banking career started at the end of 2003 and went through Raiffeisen Bank and United Bulgarian Bank. He joined the Bulgarian Development Bank in July 2011, in January 2012 become Head of the Investment Banking and Project Finance Department, and since April 2013 he is Head of the Corporate Banking Division. Alongside, he has been an associated professor at the Department of International Economic Relations at UNWE for the last seven years.