site.btaInnovation Minister Stoycheva Signs Agreement with EIB for Assessment of Bulgarian Development Bank, Fund Manager of Financial Instruments

Innovation and Growth Minister Milena Stoycheva and European Investment Bank Vice President Kyriacos Kakouris signed an agreement for providing advisory support to improve the efficiency of the Bulgarian Development Bank (BDB)and the Fund Manager of Financial Instruments in Bulgaria (FMFIB), the innovation Ministry said on Thursday. 
Under the InvestEU Advisory Hub, the EIB advisory services, with the support of external experts, will carry out a detailed assessment of their activities. 
 
Innovation Minister Milena Stoycheva said: “This collaboration with the EIB is a pivotal step toward refining our development financial institutions. We are confident that the assessment and the recommendations by the EIB will be instrumental in optimizing the approach of BDB and FMFIB, aligning it with global best practices. Through this exercise, we endeavour not only to bolster the governance and efficiency of these institutions but also to enhance their ability to contribute to Bulgaria’s economic growth.” 
 
EIB Vice-President Kyriacos Kakouris, who oversees EIB advisory services and operations in Bulgaria, said: “We have an excellent partnership with the Ministry of Innovation and Growth and we are happy to provide our expertise. This agreement will benefit greatly not only the financial institutions by enhancing their performance, but the whole business environment in the country. We hope this work will pave the way for future partnerships to accelerate green and digital transition of the Bulgarian economy.” 
 
The EIB will assess the need to streamline and possibly reorient some of the activities of the BDB and the FMFIB that may overlap with or already be covered by market stakeholders. The analysis will look at opportunities for the two institutions to intervene in new sectors, such as the energy transition or social infrastructure, which may be underserved in terms of market financing. 
The assessment will also identify potential corporate inefficiencies and governance issues and propose areas of improvement to increase the stability and independence of the development finance institutions, based on international best practices. This could reinforce their capacity to leverage additional financing from the EIB Group, EIB said in a press release.