02Cooperation with the EIB is a key step towards the improvement of our financial institutions for development, said the Minister of Innovation and Growth

The Minister of Innovation and Growth Milena Stoycheva and the Vice President of the European Investment Bank (EIB) Kyriacos Kakouris signed an Agreement on the preparation of an assessment of the structural appropriateness and effectiveness of the Bulgarian Development Bank and Fund Manager of Financial Instruments in Bulgaria. The ultimate goal of the assessment that the EIB will make is to improve the activity of the two financial institutions and the coordination between them, as well as the conditions for realizing the strategic goals and policies set by the state. The project is funded by the EU’s InvestEU.

“Cooperation with the EIB is a key step towards improving our financial institutions for development. We are confident that the EIB’s assessment and recommendations will be key to optimizing the approach of the Bulgarian Development Bank and the Fund of Funds, aligning it with global best practices. With this assignment, we are making efforts not only to improve the management and efficiency of these institutions, but also to increase their ability to contribute to the economic growth of Bulgaria”, stated Minister Stoycheva during the signing.

“We have an excellent partnership with the Ministry of Innovation and Growth and are happy to provide our expert assistance. This agreement will benefit not only financial institutions, improving their operations, but also the general business climate in the country. We hope this task will open the way to future partnerships in support of the green and digital transition of the Bulgarian economy,” said EIB Vice President Kyriacos Kakouris.

Pursuant to the decision of the Council of Ministers, the Ministry of Innovation and Growth has agreed a partnership with an international financial institution with an indisputable reputation and extensive experience in structuring similar activities, as well as in working with state financial institutions. As a result of the preparation of the assessment and subsequent updating of the new business plans and strategies of the two state companies, it is expected to improve the coordination of the products they apply, increasing the effectiveness and efficiency of the application of financial instruments with funds from the European structural and investment funds.

The analysis will look at the impact possibilities of the two institutions in new sectors, such as the energy transition or social infrastructure. The assessment will suggest areas for improvement in the stability and independence of institutions based on international best practices. This will strengthen their capacity to attract additional financing from the EIB group.