The Bulgarian Parliament approved Wednesday the law for the creation of a Bulgarian Development Bank, local press reported.
The act transforms the state-owned Encouragement Bank, which was created in 1999 to finance small and medium-sized enterprises and to promote Bulgaria's exports, into the Development Bank. It also created a National Guarantee Fund and a Capital Investment Fund.
The purpose of the Development Bank is to improve, stimulate and develop the total exports and technological potential of the small and medium-sized businesses, to assist them in their activity and to enhance their access to funding.
These goals are in accordance with the state policy for small and medium-sized firms.
The bank is established as a credit institution with a government share of no less than 51 percent. It will be used for implementing financial measures for funding public investments and development projects and to channel international funds.
The Development Bank will be managed by a General Assembly of the shareholders, a Supervisory Council, and a Governing Board.
Source:Xinhua
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