The EIB will evaluate the work of the Bulgarian Development Bank and the Fund of Funds

"Today is an important day, as we conclude an agreement with the European Investment Bank (EIB), with which we aim to assess the structure and appropriateness of the Bulgarian Development Bank and the Fund of Funds. The ultimate goal of the evaluation is both to improve the activity and the set goals and policies for the state". This was stated by the Minister of Innovation and Growth, Milena Stoicheva, a BGNES reporter reported.

An agreement was signed between the EIB and the Ministry of Innovation and Growth, with the aim of which the EIB will evaluate the Bulgarian Development Bank and the Fund of Funds in order to improve their management and efficiency.

"The mission of the Ministry of Innovation and Growth is the development of business as a modern and sustainable participant on the international scene. It is important for us to work together in order to attract new investments, so that the personnel return to our country", Minister Stoycheva also said. She commented that more could be done regarding the transparency and effectiveness of the actions. "Our focus is to make a good alignment between all the tools at our disposal to really have an effect on small and medium-sized businesses. The government's intention is to implement the highest international practices. That's why we commissioned the EIB to do this analysis, which is so important to us, namely to evaluate the work of the Bulgarian Development Bank and the Fund of Funds", further explained Minister Milena Stoicheva.

The vice-president of the European Investment Bank, Kyriakos Kakouris, explained that since Bulgaria was preparing to join the EU, he himself was an advocate of the position that the EIB should stand firmly behind our country. "This new agreement for consultations and services is a sign of the EIB's readiness to help Bulgaria for the further development of the Bulgarian economy. I am very glad that your country is the first I have visited since I was appointed to my present post three weeks ago. We will help not only the financial institutions, but also the business environment, where it needs the most help", stressed Kyriakos Kakouris.

When asked by BGNES what results the ministry expects as a outcome of the signed agreement, Minister Milena Stoicheva specified that it is expected that good practices will be derived from a similar type of restructuring and that there will be much better management of the financial instruments available to the ministry, for our economy to be competitive. "I am convinced that we will find the best formula for improving the capacity of the two institutions", said the Minister of Innovation and Growth. /BGNES