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Parliament Passes 'bulgarian Development Bank' Draft Law

The Bulgarian parliament adopted on second reading the draft law for Bulgarian Development Bank.

The Encouragement bank, which was created in 1999 is transformed into Bulgarian development bank (BDB). National guarantee fund and Fund for capital investment will also be created.

The bank is established as credit institution – joint stock company, in which the state participation in the capital is not less than 51%.

The statute capital of the bank could be increased unlimitedly with decisions of the general assembly.

Schemes and instruments for funding of public investments and development projects, which are of high importance to the national economy as well as resources from international funding institutions will be applied through the new bank.

The management bodies of the bank will be general assembly of the shareholders, supervision and management boards.

The aims of BDB are to improve, foster and develop the total economic export and technological potential of the small and medium enterprises, to support their overall activity and to ease their access to funding. The aims conform with the state policy regarding small and medium enterprises.