The Bulgarian state provided funds from the State budget, amounting to BGN 50 million, for acquisition of shares with the aim to increase the capital of Bulgarian Development Bank AD.
In pursuance of the provisions of the Bulgarian Development Bank Act, passed by the National Assembly in April this year, a General Meeting of Encouragement Bank was held on 27 June 2008, where the name of the financial institution was changed to Bulgarian Development Bank. The meeting also decided to increase the capital of the only state-owned financial institution by the issuance of new 500,000 registered dematerialized voting shares with a nominal value of BGN 100 each. All shares will be acquired by the Bulgarian state, represented by the Ministry of Finance.
