The BDB to collaborate with the National Research and Certification Institute to support Bulgarian rose processors

The Bulgarian Development Bank signed a cooperation agreement with the National Research and Certification Institute. The two institutions will partner in the "Support for Rose Processing" programme set up by the bank to save the country's traditional business.

The cooperation agreement was signed by BDB’s Executive Director Vladimir Georgiev and the Institute's manager Venelin Georgiev. The programme provides concessional financing to micro-, small- and medium-sized companies in the industry that are facing serious difficulties and reduced liquidity.

The BDB provides 20 million BGN to the rose growers in the form of direct loans for working capital in the amount of up to BGN 1 million with a repayment period of up to 3 years. The requirement for companies is to have been active in rose processing for at least two years.

The financing may be secured by a special pledge - Bulgarian rose oil. Its quality will be certified by the Bulgarian Rose State Laboratory, part of the National Institute for Research and Certification, which has undertaken to store the valuable product in its vault.

"The State Laboratory is the oldest institution in Bulgaria that takes care of the research and preservation of Bulgarian rose oil and I am proud that the BDB has chosen us as its partner," said Venelin Georgiev. "I hope that we will be useful for the industry and guarantee the prestige of our rose oil in the world," he added.