11-02-2010 12:23:06
Bulgarian Development Bank (BDB) and French Development Bank (OSEO) shall work to create joint products in order to stimulate the trade exchange between the countries. That was agreed between the two institutions during a work meeting, organized by the Bulgarian French Chamber of Commerce. It was attended by the Executive director of the Bulgarian Development Bank Mr. Sasho Tchakalski, the Director for international cooperation of the French Development Bank OSEO Alain Renck and the Specialist in international financial engineering Jean louis Leloir, representatives of the Bulgarian-French business and His Excellency the Ambassador of France in Bulgaria - Mr. Etienne de Poncins.
The creation of new products aims at and promoting the French investments on the Bulgarian market and to support the development of important sectors of the Bulgarian economy. It was agreed that BDB shall use the experience and financial instruments of the French bank to improve the access financing of the SMEs in the country.
The cooperation with the French development bank is important to us, because it will allow to develop the bank in accordance with the best international banking practices, said Sasho Tchakalksi. He stated that priority of the Bulgarian development bank is not only to attract external resources, but also to use instruments with proven efficiency crisis- wise.
The French development bank OSEO is 100% owned by the French state and is one of the largest banking institutions with state participation in Europe with history of almost 100 years. For 2009, the bank has supported 80 000 enterprises under over 85 000 projects. The total allocated funds and guarantees amount at 25 billion EUR. The French financial institution works in partnership with the commercial banks in France, supporting the SMEs in the country. The main activity of the bank is the investment and working capital financing of SMEs, the issuance of guarantees on bank loans and equity investments and the support of innovative projects.
Bulgarian Development Bank was established in 2008 year after the adoption of a special law. In 2009 year BDB provided 500 million BGN to the commercial banks in Bulgaria to finance the small and medium enterprises under favorable conditions. Its daughter company – the National Guarantee Fund issues portfolio guarantees on bank loans to SMEs. In 2009 year the bank attracted over 300 million BGN in the form of loan and guarantee lines from foreign financial institutions.
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