02.08.2023 BDB to manage EU budget funds

The Bulgarian Development Bank can manage European Union budget funds under the Invest EU programme. This is according to a decision of the European Commission, officially sent to the BDB at the end of July.

The Bank has successfully met the requirements of the financial regulations applicable to the EU central budget. It received positive ratings in all areas according to the audit reports of December 2021 and March 2023 for compliance with the requirements of the EU Financial Regulation, the decision further states.

The purpose of the evaluation is to ensure the highest level of protection of the Union's financial interests. It must confirm to the EC that recipients of EU budget funds will manage them in a transparent way, having established reliable control, accountability and protection mechanisms.

The BDB is the first and only financial institution in the country with such accreditation. Its participation in the InvestEU programme provides an opportunity to create new products with high added value in sectors with market mismatches. The EU guarantee will provide easier lending conditions for small and medium-sized businesses, helping to attract more partner banks to the Bank's programmes.

The InvestEU programme is being implemented for the period 2021-2027 as the EU's main investment instrument for economic recovery, environmental progress and jobs in Europe. It aims to support growth in the aftermath of the COVID crisis and achieve the objectives of building a green, digital and sustainable European economy. The InvestEU Fund implements its objectives by acting through exclusive implementation partners, which now include the BDB. It will invest, through an EU budget guarantee, €26.2 billion in projects.