BDB’s Advisory Council discussed the bank’s support for business and sustainable economic development.

The Advisory Council to the Supervisory Board of the Bulgarian Development Bank held its first meeting for the new year. It was attended by representatives of the national employer’s organizations, the leading trade unions and the National Association of Municipalities in the Republic of Bulgaria.

The prospects and expectations of the Bulgarian business for the development of the economy in the medium term and the possibilities for BDB to establish itself as the main financial institution for the improvement of the business environment in Bulgaria were discussed.

“Our regular meetings are of great importance in order to help the bank fulfill its role in supporting business and sustainable economic development to the maximum extent,” emphasized the Chairman of the bank's Supervisory Board, Assoc. Prof. Dr. Rosen Karadimov.

“It is important to hear the voice of businesses and institutions, and I am satisfied that through this dialogue we manage to more effectively use the resources and capacity of the BDB”, said BDB’s Executive Director Tsanko Arabadzhev.

The participants in the meeting got acquainted with the proposals of the Bulgarian Investment Capital Association (BICA) in connection with the implementation of BDB’s business goals set for the period 2024-2026.  “The goal is for the bank to take its natural position as a bridge between the international and domestic financial market and as retransmitter of resources to small and medium-sized enterprises”, said Dobrin Ivanov, Executive Director of the Bulgarian Investment Capital Association.

A report on the implementation of the current programmes and products of the Bulgarian Development Bank (BDB) in 2023 was also presented.

There is a lot of interest in the direct financing programme with InvestEU guarantees.  It offers loans for small and medium-sized enterprises in the amount of up to EUR 2 million in partnership with the European Investment Fund (EIF) in three directions: “Competitiveness of SMEs”, “Sustainability”, and “Innovations and Digitalization”. Currently, 68 contracts for BGN 36 359 639 have been concluded under the Programme, and another 5 are under consideration.

Under the key lending instrument for accelerated disbursement of European funds, created with the participation of the Advisory Council, 30 contracts have been concluded for nearly BGN 33 million. The members of the advisory body were also briefed on the development of the financing programmes for SMEs for energy efficiency of buildings and solar energy for households.

The Advisory Council to the Supervisory Board of BDB was established in February 2023. Its purpose is to provide a direct connection between the bank and the business, optimize the process for developing new financial products and support public control over BDB’s activities.