The Bulgarian Development Bank (BDB) will be positioned as a critical instrument in the new economic policy of the state, with the focus being placed on financing Bulgarian business, agriculture, strategic industries and infrastructure projects. This was stated by Deputy Prime Minister and Minister of Economy, Investments and Industry Alexander Pulev at the presentation of the new composition of the bank's Supervisory Board, BGNES reported.
„The Bulgarian Development Bank is now where it needs to be – at the center of the state's economic policy“, Pulev said. According to him, the government has consolidated the structures related to the economy and investments to create a single center of responsibility, and the BDB will be the key financial instrument in this system.
Among the main directions that Pulev outlined are the creation of new financial instruments along the entire value-added chain - from agricultural production and processing to strategic investments. Special emphasis will be placed on small and medium-sized enterprises, municipalities and regions, as well as on overcoming regional imbalances.
The Chairperson of the Supervisory Board Delyana Ivanova retains her position as a sign of continuity. She emphasized that the council is tasked not only with ensuring the stable management of the bank, but also with transforming its activities into a real instrument for implementing national economic priorities.
„I accept this responsibility with the conviction that with my colleagues, who are undisputed authorities in the banking sector, we will build on what has been achieved and work to implement national priorities through specific programs and financing products“, said Ivanova.
In her words, the responsibility of the Supervisory Board is primarily related to ensuring the transparent and good governance of the bank and its management bodies. „The responsibility of the Supervisory Board is to ensure the transparent and good governance of the bank and its management bodies, achieving concrete results for the development of the economy and society as a whole“, she pointed out.
Ivanova also emphasized the role of public control over the BDB through the Advisory Council established under the Supervisory Board. It involves all nationally represented employer organizations, trade unions and the National Association of Municipalities.
“They are our channel, path and barometer for the right decisions and products that we make so that their members, namely Bulgarian business, can benefit in the best way and have the best incentives that they need to develop, provide jobs and ensure the development of local communities“, said the Chairman of the Supervisory Board.
Among the priorities, she highlighted the attraction of strategic investments that will ensure economic growth, jobs and better well-being. “The bank, in its role of supporting the economic policies of the Bulgarian government, will do what is necessary both from an analytical and a product perspective“, said Ivanova.
She indicated that the BDB will continue to support the cooperation of farmers and small and medium-sized enterprises, gradually expanding the use of guarantee schemes through commercial banks. “In order to have broader coverage, the focus of guarantee schemes is increasingly shifting to commercial banks, and only in individual cases to direct financing“, noted Ivanova.
The new composition of the Supervisory Board includes Ivan Kupov, Ivan Raychkov and Daniel Burke. Kupov is a banker with a career that began in 1991, with professional experience in UBB, the Bank Consolidation Company and other banking structures. Raychkov has over 15 years of management experience at UniCredit Bulbank, related to banking operations, internal control and operational risk.
Daniel Burke joins the board with international experience, including as Director of the European Bank for Reconstruction and Development in Bulgaria and as a member of the boards of various banks. He himself outlined three main areas in which he intends to contribute - closer interaction between the public and private sectors, mobilization of new financing and investments and ensuring good governance and effective operation of the BDB.
Pulev announced that an increase in the bank's capital is being prepared with the ambition of attracting resources of over EUR 1 billion. According to him, the state will retain its managing role and shareholding in the BDB.
“A number of financial instruments are to be structured to support small businesses, municipalities, and various producers in priority sectors. We will work actively to mobilize private capital in the context of public-private partnerships“, said the Deputy Prime Minister.
He singled out agriculture as a priority sector, for which competitive financial products are to be developed. The goal is to create conditions for a stronger position for Bulgarian producers and a greater presence of local production in retail chains.