site.btaCabinet Tasks Innovation Minister to Approach International Financial Institution to Assess BDB, Fund of Funds’ Effectiveness

The Council of Ministers adopted here on Wednesday a Decision tasking the Minister of Innovation and Growth to conduct a study with international financial institutions on the preparation of an assessment of the structural appropriateness and effectiveness of the Bulgarian Development Bank EAD and the Fund Manager of Financial Instruments in Bulgaria EAD (Fund of Funds), and a strategy for their restructuring. The aim is to improve their overall efficiency, to terminate activities that are inappropriate for the incentive bank and the public enterprise and to improve the conditions for the implementation of the strategic objectives and policies set by the State, the Government information service reported. 

This is necessary in connection with the preparation of the business programme and strategy for the next three-year programming period 2024-2026, which should be adopted before the end of 2023. The requirement for the development and adoption of the two programming documents is statutorily established in the Bulgarian Development Bank Act and the Public Enterprises Act and its implementing regulations.

The evaluation will be entrusted to an international financial institution with a proven track record and experience in structuring similar activities and restructuring state-owned financial institutions.