Bulgarian Development Bank

Bulgarian Development Bank (Bulgarian: Българска банка за развитие, Bylgarska banka za razvitie) (BDB) is a leading Bulgarian development and commercial bank with headquarters in Sofia. It is one of the largest development institutions in Southeast Europe that provides financing and professional advising for the purposes of development. It is the largest

Bulgarian financing facility provider to banks operating in the country, the sole national loan guarantee provider, and the only microfinance provider. Further to that, its direct lending commercial business division ranks as the 14th commercial bank in terms of assets in Bulgaria, with 850 million euro in assets as of June 2011.[2]

BDB is majority owned by the Republic of Bulgaria, and has a public-interest mandate to finance projects of regional and national importance, to encourage the growth of export oriented companies, to assist small and medium enterprises compete internationally, and to promote sustainable development.[3] The bank’s activities are financed with credit lines from multilateral development banks,[4] investment funds,[3] and sovereign wealth funds.[5]

BDB has extensive industry coverage capacity in Bulgaria with a team of specialized industry sector consultants, each of whom partners with the sector’s corresponding national industry organizations. As of November 2011, the bank has a long-term credit ratingof “BBB-” with a positive outlook, short-term rating of “F3”, individual rating “D”, and support rating “2” from the Fitch Credit Rating Agency.[6]


BDB was established on March 11, 1999 as a joint stock company with the intention of promoting economic and social development in Bulgaria. In April 2008, the Bulgarian Parliament adopted a special law, which changed the mandate of the bank and reorganized the bank group in its current form. BDB receives its funding from the European Investment Bank,[3] the Black Sea Trade and Development Bank,[4] the Qatar Investment Authority,[5]the Council of Europe Development Bank,[3] KfW,[3] the China Development Bank,[3] the Japan Bank for International Cooperation,[3] the Nordic Investment Bank,[3] and others.

Bank Financing Facility

In 2012, BDB launched a 100 million euro financing facility in Bulgaria to improve SME competitiveness and stimulate lending to SMEs. Loans under the BDB Bank Financing Facility are provided through credit lines extended to commercial banks taking part in the program.[7]

Industry Partners Program

BDB’s major push to expand in Bulgaria began in August 2012, when the bank partnered with more than 30 major nationwide industry associations to provide financial advisory and lending services to the organizations’ members. Under the Partners Initiative, BDB industry sector consultants were appointed to handle financial and loan questions from the orgranizations’ member firms and national coverage was ensured by the establishment of a mobile team. BDB plans to extend 75 million euro in new loans for SME via the new program by the end of 2012.[8]

Local Representatives Program

Under the Local Representatives Program, the bank has reached agreements with business centers in all six planning regions of Bulgaria and in 29 larger cities. The business centers serve as de facto BDB information and service centers.


The shareholder structure of the Bulgarian Development Bank as of December 31, 2011 [3] is as follows:

  • Republic of Bulgaria – 99.9999%
  • DSK Bank – 0.0001%

Key people

BDB has a tiered board structure with a Management Board and a Supervisory Board. Key people in the organization include:[3]

  • Dimo Spassov – CEO, Chairman of the Management Board
  • Denitsa Kirova – Chairman of the Supervisory Board


According to the BDB website, as of 2012, the bank ran the following subsidiaries as part of the BDB Group:

National Guarantee Fund

National Guarantee Fund EAD is a loan guarantee scheme, implemented through commercial banks operating on the Bulgarian market.

JOBS Microfinance

JOBS Microfinance Institution AD is a microfinance company, one of the largest in the country.


  1. ^ Jump up to:ab Bank Profile: Bulgarian Development Bank
  2. ^“Bulgarian Development Bank aims for top 10 spot in five years – October 2011”. The Sofia Echo. Retrieved 22 October 2012.
  3. ^ Jump up to:ab c d e f g h i j “Consolidated IFRS and Activity Report – 2011” (PDF). Bulgarian Development Bank. Archived from the original (PDF) on 4 March 2016. Retrieved 22 October 2012.
  4. ^ Jump up to:ab “Bulgarian Development Bank gets 31M euro credit line from Black Sea Trade and Development Bank – September 2011”. the Sofia Echo. Retrieved 22 October 2012.
  5. ^ Jump up to:ab “Qatar Pours USD 50 M in Bulgarian Development Bank – September 2012”. Novinite. Retrieved 22 October 2012.
  6. ^“Fitch Affirms Bulgarian Development Bank Ratings – November 2011”. Novinite. Retrieved 22 October 2012.
  7. ^“Bulgaria’s Postbank gets 7.25M euro loan from Bulgarian Development Bank – June 2012”. The Sofia Globe. Retrieved 22 October 2012.
  8. ^“Bulgarian Development Bank with large-scale initiative in support of Bulgarian business – October 2012”. Focus Information Agency. Retrieved 22 October 2012

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library