Bulgarian Development Bank, former Encouragement Bank, was incorporated with a special purpose - to support the implementation of the economic policies of the state by financing the business development of SMEs by maintaining their investment and export abilities and initiatives. The bank`s main activities include - pre-export and export financing of SMEs, financing SMEs operations and projects through local intermediary banks or directly, guarantees issuance to SMEs to serve to local and foreign banks, refinancing banks that grant loans to SMEs, financing SMEs investments abroad.
The decision to set up Encouragement Bank was taken by Bulgarian authorities in October 1998. It was initially designed to boost lending to the private sector and overcome local banks' reluctance to lend to medium-and small businesses due to tough lending restrictions, imposed under an IMF-backed currency board system.
In January 1999, Bulgaria's finance ministry set up a new state-owned Encouragement Bank with the participation of the State Savings Bank. The participation of the state in the bank's capital was BGN 10 billion and the participation of the Savings Bank was BGN 500,000. In mid-2008 the bank was renamed into Bulgarian Development Bank (BDB).
1 Dyakon Ignatiy Str.
Sofia; Sofia - city; Postal Code: 1000
Contact Details: Purchase the Bulgarian Development Bank AD report to view the information.
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