Financial and business news from Bulgaria

Kiril Petkov: Commission enters the State Consolidation Company

“I appointed the commission, which entered the BDB, but with new members, to enter the State Consolidation Company. The Industrial Zones and the Bulgarian Insurance Agency will be checked.
This was announced by Economy Minister Kiril Petkov in “Face to Face” on BBC.

A state consolidation company manages a large financial resource, with its own capital in 2019 about BGN 1.2 billion and the assets under management — about BGN 1.5 billion. An important aspect of its activities is the assignment of repair and reconstruction of dams — state and municipal property, in connection with which in 2018 the capital of the company has been increased by half a billion leva.

The Minister also announced that work will be done late today so that small businesses can be helped:

From tomorrow we will bring liquidity and some of the measures will be face-to-face to help small and medium businesses, he said.

Petkov also commented on the situation in the Bulgarian Development Bank, which as of today is without two members of the Supervisory Council.

“90% of the money in BDB, which should go to small and medium-sized businesses, has been spent with 20 clients”, said the Economy Minister.

The top 20 clients of the bank cover a billion and 700 of the BDB loan portfolio, Kirilov added.

According to him, the Development Bank should not compete with commercial banks.