Bulgarian Development Bank limits amount of loans to companies

Bulgarian Development Bank limits amount of loans to companies

Bulgaria's caretaker Minister of Economy Kiril Petkov has fired the members of the Supervisory Board of the state-run Bulgarian Development Bank (BDB) Mitko Simeonov and Velina Burska. This happened after the two refused to meet with the minister. Petkov said this was a signal where there might be opacity in the bank's management. Vasil Shtomov and Valentin Mihov, who must be approved by the BNB, have been proposed as replacements.

No more money will be distributed without strict rules, said the Minister of Economy, setting a limit that the loan for each individual company cannot exceed 2.5 million euros.

The minister has summoned representatives of the 8 companies which have received loans from BDB totalling more than 470m euros to a meeting on May 28.

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