site.btaBulgarian Development Bank Announces New Appointments to Board of Directors, Advisory Council

The Bulgarian Development Bank (BDB) announced new appointments to its Board of Directors and Advisory Council on its website Friday, naming Dimitar Mitev to the Advisory Council and Ivaylo Moskovski as a member of the Board of Directors and CEO.

Dimitar Mitev, a long-time head of the bank's Finance Department, will join the Advisory Council. Ivaylo Moskovski, who previously served as Vice President of Operations and was a board member at the Black Sea Trade and Development Bank, is set to join the top management team at BDB as a member of the Board of Directors and CEO.

Mitev is recognized as an expert with 32 years of experience in the banking sector, the bank said. He holds a master's degree in finance from the University of National and World Economy, with numerous additional qualifications.

Mitev is also a Chartered Financial Analyst (CFA). He has been with BDB since 2011, having led the departments of Planning, Analysis and Regulations, Compliance, and Finance.

He has served on the Board of Directors of the National Guarantee Fund, part of the BDB Group.

Mitev's career also included roles at HVB Bank Biochim (now part of UniCredit Bulbank), CIBank, Eurobank (Postbank), and Deloitte Bulgaria.

Moskovski earned a degree in Public Finance from the University of National and World Economy and another in Financial Management from the Dimitar A. Tsenov Academy of Economics – Svishtov, on the Danube.

For four years, he was part of the management team at the Black Sea Trade and Development Bank, based in Thessaloniki. As VP of operations, he led projects on implementing and monitoring risk policies and was responsible for the bank's ESG policy.

Moskovski was the Minister of Transport, Information Technology and Communications during the periods 2011-2013, 2014-2017, and 2017-2018.

He served as a member of parliament in the 42nd and 44th National Assemblies and was part of the transport and energy committees. From 2009 to 2011, he was the deputy minister of transport, information technology, and communications, overseeing the Managing Authority of the Operational Programme on Transport (2007-2013) and representing Bulgaria in the Transport Corridor Europe Caucasus Asia initiative.

A BTA review of the Commercial Register shows that the registration for the two individuals has not been updated yet.

In August 2024, BDB made headlines following a major embezzlement investigation. The case involves a BGN 150 million loan it granted to Roadway Construction in 2019, which led to former executive director Stoyan Mavrodiev being declared wanted. The investigation was first closed but then reopened in January 2024 due to flaws in the initial probe and is now being led by the Anti-Corruption Commission.

Then, in early October 2024, Innovation and Growth Minister Rosen Karadimov said that BDB has become an instrument that guarantees the transparency of public funds. He also highlighted the bank’s ongoing transformation, marked by a new management strategy aimed at funding major State projects, supporting the military-industrial sector, addressing regional imbalances, and participating in initiatives like the Bulgartransgaz gas corridor and healthcare sector improvements.