Parliament Passes Bill on Bulgarian Bank for Development

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Parliament Passes Bill on Bulgarian Bank for Development

The parliament passed on first reading a bill, which envisages the establishment of Bank for Development, which should improve, encourage and develop the economic, export and technological potential of small and medium-sized enterprises (SME) in Bulgaria and facilitate their access to funding, the BTA reported.

The bill was submitted by the Council of Ministers and envisages the transformation of Encouragement Bank into Bulgarian Bank for Development, as well as the establishment of a National Guarantee Fund and a Fund for Capital Investments.

The Bank for Development will specialize mainly in pre-export and export lending to SMEs and in their funding through participation in their capital.

The Council of Minster suggests that the new financial institution should refinance Bulgarian banks extending funding to SMEs. It should also provide refinancing to foreign banks extending loans to buyers of goods and services offered by Bulgarian SMEs and should manage the financing from EU funds.

The bank will raise funding through the issuing of bonds, as well as through loans from domestic and international institutions and through the financing from the EU funds.

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