10.11.2022 The new Chairman of BDB’s Supervisory Board Rosen Karadimov to bTV: The Bulgarian Development Bank will operate according to the law

The Bulgarian Development Bank (BDB) is the only bank after the Bulgarian National Bank that was established by a special law. For this reason, improvisations with its mission and goals are unacceptable. This was stated by the new Chairman of the bank’s Supervisory Board in the studio of the program "Face to Face" on bTV today.

In addition to the support for small and medium-sized enterprises, according to the law BDB was established to support the state in the implementation of public policies in critical sectors for the country, as well as to implement financial policies and tools that overcome regional imbalances in Bulgaria.

"The entire country has gone into standby mode because of the series of crises. BDB should be used as an effective tool to support the state and the people at this time, as it was created for this very purpose," Mr. Karadimov explained. According to him, the bank could take over the support for medical institutions in the country by discounting debts to their suppliers. This should only happen after detailed due diligence (financial and legal analysis), when it has been established that the hospitals to be financed are completely sound.

Among the possibilities is also the establishment of a financial tool jointly with the Bulgarian Stock Exchange for purchase of shares and bonds in a completely transparent process.

The Supervisory Board should not interfere in the operational activities of the bank, Mr. Karadimov categorically stated. "The bank needs the establishment of key policies and visions for the professional Board of Directors to follow and implement," he added.

According to the new Chairman of the Supervisory Board, the limit of BGN 5 million will definitely not be canceled. With the aim of complete transparency in management, he declared his support for the establishment of three boards to the governing body – the first one with the participation of employers’ and business organizations, so that information about new products of BDB flows firsthand. The second will be with public organizations in order to have civil control over the activities of the state bank. The third – with the National Association of Municipalities, so that policies and programs overcoming regional imbalances can be drawn up in a close dialogue.