The Government Provides 50 Mln Leva for the Capital Increase of Bulgarian Development Bank

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The Government Provides 50 Mln Leva for the Capital Increase of Bulgarian Development Bank

The government has decided to buy shares in Bulgarian Development Bank Jsc worth 50 mln leva in order to hike the capital of the bank. The money will come from the national budget.

On June 27 the Encouragement Bank held a general meeting, which decided to change the institution's name to Bulgarian Development Bank.

The general meeting also decided to increase the bank's capital by issuing 500,000 registered paperless voting shares at 100 leva par value each. The country of Bulgaria, represented by the Minister of Finance, will buy all shares.

The Bulgarian Development Bank has the objectives of increasing the country's export potential and the competitiveness of local businesses, helping Bulgarian companies to reach EU standards etc.

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