1. Employers
fakti.bg - Competitive industry requires secure and affordable energy
Published: 16.04.2024/11/15 XNUMX:XNUMX
"Energy security and availability are an important prerequisite for having a competitive European industry. There cannot be a competitive industry without secure energy supplies at competitive prices", said the Chairman of the Board of the Association of Industrial Capital in Bulgaria, Vasil Velev, during the high-level conference "Sustainable and efficient energy system for a stable and secure economy".
The economy of the European Union (EU) has not been developing dynamically enough recently, and last year's results, as well as the forecasts for this year, testify to this. "Recently, the growth of the gross domestic product is in the range of 0% and 1%, while in the USA it is between 2% and 3%, the Russian Federation is 3% and above 3%, China between 4% and 5%, India - 6 %-7%", pointed out Velev.
According to him, in the last 5 years, Europe has further reduced its share in the world economy. In addition, the share of government expenditure of European countries is growing. "That is, there is a falling share in the economy and a growing share of state and social spending," commented Velev. According to him, there are many reasons for this. Among them are the demographic crisis, the lack of sufficient personnel from engineering specialties and the regulations.
The Chairman of the Parliamentary Committee on Energy, Delyan Dobrev, stated that for about a year, the Electricity System Operator (ESO) has been working on the idea of introducing a flexible connection scheme. He explained that in Bulgaria, if wind and solar energy are combined at one point, they will "interact" only 2 percent of the time. Therefore, a mechanism is now being worked on to allow the network to become denser without having to expand it.
In the National Assembly, and in particular in the Energy Commission, not even half of the results would have been achieved if it were not for the support of business and the Bulgarian employers.
"A sustainable and efficient energy system is a prerequisite for stable economic development. The Ministry of Innovation and Growth has a significant resource to support the sector. Only in sync with business can the opportunities be realized as efficiently as possible," said the Minister of Innovation and Growth Rosen Karadimov.
According to his words, in the next 5 to 7 years, our country will mobilize a resource within 3,2 billion euros under various programs and projects, which may also include activities related to the promotion of the use of hydrogen technologies, so that the decarbonization of the Bulgarian economy will be supported.
"There can be no meaningful transition without the involvement of the national development bank. This is the case in all developed countries, and this is what we are trying to do, I think successfully. The Bulgarian Development Bank (BDB) not only can, but must be an active partner in Bulgaria's energy strategy, because the BDB has a resource that can be used," said Tsanko Arabadzhiev, member of the Board of Directors and executive director of the BDB.
He added that the work on drafting an agreement between BDB and the European Commission on the InvestEU program is about to be completed. Through it, BBR will be able to issue guarantees for Bulgarian business. The size of the portfolios that will be created under the InvestEU program will be in the order of BGN 2,7 billion. About 60% of these guarantees will be for energy efficiency, energy production, RES.
In the project of Bulgaria's energy strategy, the guarantee of energy security in the context of the decarbonization goals, with the ultimate goal of long-term secure supplies at affordable prices for all consumers, is an undisputed priority. This was said by the Acting Deputy Minister of Energy, Iva Petrova.
In terms of energy production, the draft strategy envisages the continued introduction of RES combined with new flexible low-carbon capacities. The priority of the strategy clearly focuses on renewable energy sources - from the sun and wind, but also on hydropower resources, Petrova pointed out.
https://fakti.bg/biznes/873443-konkurentnata-industria-iziskva-sigurna-i-dostapna-energia
focus-news.net - A revolutionary proposal for the salaries of Bulgarians: To drop the so-called company secret
Published: 16.04.2024/09/35 XNUMX:XNUMX
With the campaign that KNSB is conducting throughout the country, we want to make it clear to society, to workers, to trade union members, that there are levers and mechanisms with which to better protect their rights and to achieve higher wages and greater justice. This is what the president of the confederation, Plamen Dimitrov, said. "What we are doing with this campaign is to inform the public, the employers, local authorities - the mayors and regional administrations, for some changes in the legal framework, which suggest that salaries become higher and fairer. First of all, the protection of the right of association, which became a fact last year with the changes in the Criminal Code. We want it to come to the employers, especially those who say: "In my private company, unions cannot exist!". This is now a crime with a threat of imprisonment of 3 to 5 years. I don't want to scare anyone, but this needs to be known. People have the right to associate, form a union and then ask for a collective agreement. To negotiate their salaries, to see what real opportunities the company has, not just what the boss says, and to distribute the produced more fairly", explained Dimitrov. He pointed out that the way to do this is collective bargaining, which he will give impetus to The Directive on minimum adequate wages and the promotion of collective bargaining, which must be transposed by 15 November. KNSB proposes legal changes through which to introduce new minimum wages, above the current one, for which secondary and higher education are required, respectively. "Thus, a ladder will be created, and from there on, the starting level will be differentiated according to the sector. There are mechanisms by which salary negotiations can become fairer and their clarification can be achieved", the president of the CNSB was emphatic. He also pointed out that our country should introduce the salary transparency directive adopted last year, which requires every company to publish the salaries on its website, which will eliminate the so-called company secret. employer organizations. "We have started our meetings while waiting for power to come to the table. We now have a cabinet that we will engage in this matter. Time is running out, and there are conflicting issues and proposals between us and business, so the government and parliament must step in. Implementing the changes coming from the directive into legislation is the state's commitment, not ours. She must make the necessary efforts and of course, have as much consensus as possible between us and the employersDimitrov also said.
bloombergtv.bg – The average salary in Sofia reaches BGN 3000. Is it possible for the province to catch up?
Published: 15.04.2024/19/35 XNUMX:XNUMX
The capital of Bulgaria continues to be the record holder for average salary in the country. For the last quarter of the previous year, the average salary in Sofia reached BGN 2900. This means that the city continues to be the absolute leader in this indicator.
However, is it possible for the province to catch up with Sofia? Five experts spoke to Bloomberg TV Bulgaria about this.
Vasil Karaivanov, macroeconomist and lecturer at SU "St. Kliment Ohridski"
"There are opportunities. There are more opportunities if the state starts investing actively in infrastructure and does not run away from its core business, providing the infrastructure so that the province can develop. Infrastructure will be the foundation that will help develop businesses in the province so that people can generate higher incomes. After some time and an adequate amount of investment, it will be possible to reach higher levels of income."
Dobrin Ivanov, Association of Industrial Capital in Bulgaria
"I am not optimistic about overcoming the disparities of regional development in Bulgaria, as the data historically show that the trend is in the opposite direction. For 2022, Sofia produced GDP for 69 billion out of a total of 168 billion for the country, which represents 41%, which for comparison the next city is Plovdiv with 14 billion. 41% of the total production is produced in Sofia, correspondingly this is produced by about 25% of the working population. A population that is more educated and more productive is concentrated in Sofia. Every second person living in Sofia has a higher education, which partly explains the higher salaries. Statistics show that the gross value of investments in the country is incorrectly distributed and the majority of these investments are directed specifically to Sofia - 50% of direct foreign investments, which shows that this disparity will deepen, not decrease. We must also say that the key to overcoming these regional disparities in incomes is a purposeful government policy to direct investments in underdeveloped regions. Such a policy is lacking, and it must be tied not only to tax preferences, as they exist, but also to subsidize investments and to direct high-productivity investments and investments aimed at products with high added value to underdeveloped regions.
Adrian Nikolov, senior economist at the Institute for Market Economy
"It depends a lot on how we define the province, because if we look at the municipalities, we already have some smaller but highly developed parts of the country that have higher wages than those in Sofia. Such are Radnevo, Kozloduy, Chelopech - strong small industrial municipalities, where the profile is usually in two directions, either a strong processing industry with high added value, or a highly developed mining industry. The other thing that has come to the fore as a model for allowing small towns to pay high wages is energy in recent years. In the big cities it is about many more people, usually the small settlements that give salaries higher than those of the big cities, it is about a few thousand workers, while in Sofia the employed already exceed 700. The question is rather when one of the big cities will catch up with Sofia. In places like Plovdiv, Burgas, Varna, more serious development of services will be necessary, since this is the model that gave Sofia this great advantage in pay. One is the role of the IT sector, and on the other hand is the role of the state administration, which is centrally located here and generates quite high incomes. The good news is that the high-tech sector in our country is spreading more and more - first to Plovdiv, then to Varna, but we also see beginnings in cities such as Burgas, Gabrovo and Ruse, which creates quite a serious potential for salary increases there, as the question is how much human capital will be enough for them. The solution for big cities is rather an investment in a knowledge economy, in the development of high technologies, and for smaller ones in peripheral settlements, it is the development of strong industries.
Krasimir Yordanov, financial analyst, founder and owner of KY Research
"He can catch up with Sofia in terms of wages, but two things have to happen. The first is to get a lot of investment into slightly higher technology companies, for that what needs to happen is for the state to help to some extent and encourage that investment with less taxes and less red tape. On the other hand, businesses need highly qualified personnel to be able to handle these industries, but the whole process of urbanization that is being observed all over the world is that these people are going to the bigger markets - the capital and the bigger cities. A closed circle is obtained. There's no way wages will go up overnight and it's a long process that requires planning and will probably happen in the order of 10-15 years."
Dobromir Ivanov, executive director of Besco
"We made a comparison that shows what other countries in the region are doing and why in the last 15 years there have been massive investments of hundreds of millions or over 1 billion, while in Bulgaria there were none. What we have seen is that, in addition to what we must have - industrial zones, skilled labor, tax incentives, but when an investor decides to invest, the countries in the region start bidding how much money they will return from that investment, for which the EU has set limits - in underdeveloped regions about 60%. We have estimated that in about 7 years the state returns this money through taxes, insurances and the jobs created. Now the law for the promotion of investments must be changed and this money must be focused on investors who have a higher added value and who pay guaranteed higher wages than those in the municipality. What we propose is to give at least half of this money 5 years later, when it is seen that 5 years ago salaries were paid that were above the average for the municipality. At the moment when in every municipality there is a variety of employers, who are in the global market and do something with high added value, who compete not on the basis of their contacts in the municipality, but on the basis of their global competitors, and people can work for them and they can not work if they don't like the conditions . Then there would be more money to pay them and one would be able to negotiate the terms. We must move in the direction of decentralization and empowerment of mayors and local administration.
There are various factors for the high salaries in Sofia. Most of the country's GDP is produced there, and in addition, the main part of the population has a higher education.
However, there are also some small settlements that manage to provide high wages. Average salaries in Chelopech municipality are close to those in Sofia, while those in Pirdop and Radnevo hover around BGN 2000. This is mainly due to the industry located in the regions.
There are different options for securing high rewards in different areas. This can be done by attracting external investments, government policies and programs guaranteeing large projects in the various regions.
Currently, Sofia is the city attracting the main part of the working population. Educated and talented people go there in search of prestigious positions and good pay. This leaves the province without the necessary personnel to attract majors business beginnings.
The capital continues to be the center for large investments in the country, and this leads to high wages. It is important that the provincial regions advance in this direction, because only in this way will a model of smooth development be set in motion throughout the country.
https://www.bloombergtv.bg/a/17-v-razvitie/129316-srednata-zaplata-v-sofiya-stiga-3000-lv-vazmozhno-li-e-provintsiyata-da-ya-nastigne
2. Business
travelnews.bg - The tourism industry gave credit of trust to Evtim Miloshev : Travel News
Published: 16.04.2024/10/20 XNUMX:XNUMX
The tourist one business is positively disposed towards the official Minister of Tourism Evtim Miloshev, despite the fact that he does not come from the industry and does not understand anything about it. In the first round of meetings yesterday, the minister met with associations of establishments, tour operators and the National Board of Tourism. Today there are talks with The Bulgarian Hotel and Restaurant Association (BHRA), other hoteliers and tour guides.
"The first impressions of our meeting are positive and Minister Miloshev was well prepared," Ventsislav Tanchev, a member of the management of the Association of Incoming Agencies (AIA), told TravelNews. He hopes that he took this post to do the necessary work of the business. Miloshev was positive about the continuation of the advertising program of the Black Sea municipalities. "He receives a credit of trust, and we hope he will justify it," stressed Tanchev.
The chairman of the Bulgarian Restaurant Association (BAZ) Richard Alibegov is satisfied with the meeting and has a positive attitude towards joint work, because he comes from business and sets goals for the short term. "A breath of fresh air for tourism after the 9-month ice age with the former Minister of Tourism Zaritsa Dinkova," he commented. According to him, Miloshev is a communicative person and open to conversations, expecting to do better than Dinkova. BAZ has identified as the main problem the delayed issuance of work visas for employees coming from third countries to work in the summer on the Bulgarian Black Sea coast. Minister Miloshev has undertaken to urgently organize a meeting with the other ministries and institutions to speed up the procedures.
The executive director of the National Tourism Board, Dr. Polina Karastoyanova, also outlined the issue of work visas as a major problem, which is a big problem for hoteliers on the Bulgarian Black Sea coast. "We need a quick solution because the lack of staff could ruin the upcoming summer season," she announced. The board presented 10 priorities to Minister Miloshev, which are important for the industry - consolidation, starting work on the Bulgaria brand, creating an organization for marketing destination Bulgaria, stopping repairs on the Trakia highway in July and August, etc. "The minister is ready to listen to business, and this is a good sign," added Karastoyanova.
"Quite productive and interesting meeting with Minister Evtim Miloshev. We hope that it will solve the main problems in the short period of 2-3 months and prepare the summer season", announced Emil Kolarov, chairman of the Association of Restaurants in Bulgaria, to TravelNews. According to him, it's not a problem that he doesn't understand tourism, but the important thing is that he comes from business and can listen and listen. "We will definitely be able to work with him. I do not want to make comparisons with the Prime Minister Zaritsa Dinkova, who was not qualified either in tourism or as business man," Kolarov pointed out.
The other associations of tour operators are also satisfied with the first meeting held. The chairman of the Association of Bulgarian Tour Operators and Travel Agents (ABTA) Dimitrina Goranova explained that Minister Miloshev has given a sign that he wants to work with the business. "Our expectations are that it will work well with the industry. We outlined the main problems that can be solved in the short time of 2-3 months," she added. For ABTTA, it is important to continue the work on the creation of the guarantee fund for tour operators, the preservation of 9% VAT for the sector and the advertising of Bulgaria as the host country of the European Association of Tour Operators and Travel Agents (ECTAA).
The Vice-President of the Bulgarian Association of Travel Agencies (BATA) Prof. Georgi Rachev is satisfied with the first meeting held with Minister Miloshev. "I give him a red dot for bringing us together on the fourth day. While other former ministers did not want to work with us at all," he commented. According to him, the fact that Miloshev comes from business already helps him, because in a short time he went into details, which makes a good impression.
The first meeting was certainly successful and positive, because he got into all our problems and requests, announced Rumyana Ljubenova, a member of the Board of the Association of Tour Operators and Travel Agents "Future Tourism Association" (OBT). "We quickly found a common language. We hope he will take matters into his own hands during the short time he will be minister," she added.
The former minister of tourism, Zaritsa Dinkova, met selectively with the tourism minister business and only with the one who does not criticize her. She only worked with certain large hoteliers and tour operators.
Miroslav Ivanov
bloombergtv.bg – Bulgarian communities abroad help businesses to conquer new markets
Published: 16.04.2024/12/25 XNUMX:XNUMX
Bulgaria is recognized as a quality IT destination all over the world, and our companies operating in foreign markets build relationships with the Bulgarian diasporas there. Business diplomacy is a discussed topic in IT circles in our country, and every company can work to create diplomatic bridges. Bulgaria is a good destination for making business and implementation of technological projects, but in order to become a regional leader in new technologies and innovations, a competitive advantage must be built, commented Marina Shideroff, a member of the BASCOM Board, in the program "Business start" with host Hristo Nikolov.
The draft foreign policy strategy identifies eight key strategic goals for Bulgaria. Among them is foreign policy diplomacy in favor of Bulgarian business and economic prosperity, as well as regional leadership in innovation and new technologies.
The topic has been widely discussed in IT circles, with attitudes being that any company can be business an ambassador who will work for the good image of Bulgaria and its presentation abroad, said Shideroff. In this way, diplomatic bridges are created, and when the good name of the country spreads, it will have a favorable effect here as well.
These links are created with successful business stories from the country and good communication between Bulgarian companies and their foreign partners. The guest explained that Bulgaria is recognized as a quality IT destination all over the world, with its company operating in 28 markets and with 400 clients in different parts of the world. She added that they successfully partner with representatives of different countries and organize events abroad, including the Bulgarian diaspora there.
Bulgaria is a good destination for making business and implementation of technological projects, but to become a regional leader in new technologies and innovations, a competitive advantage must be built.
"I think Bulgaria is leading the way in creating a competitive advantage. First of all, the historical superimposition of a sustainable IT sector, a very solid foundation, with good companies working in the field and creating software products every day for 20-30 years. In second place, the success stories - happy businesses and completed projects, people who have recommended Bulgaria. And thirdly, talent and good, educated, smart and ambitious people."
She added that Bulgaria should not yet present itself as a cheap destination.
In addition to foreign policy strategy and diplomacy, support from the state is needed to pay attention to the sector and its problems. Investment in education is extremely important. BASCOM continues its efforts to increase the number of technological schools in the country, but without state support, the desired result cannot be achieved.
dnesplus.bg – Nikolay Rashkov: Admission to land Schengen is an absolute priority because we all suffer losses
Published: 16.04.2024/11/10 XNUMX:XNUMX
Nikolay Rashkov: Admission to land Schengen is an absolute priority because we all suffer losses
The loss for the Bulgarian economy is over a billion BGN per year due to the fact that we are not in the land Schengen. Bulgarian consumers also pay this price, which is between 15 and 18 percent more. We are placed in a situation of non-competitiveness. This was stated in the morning block of NOVA by Nikolay Rashkov Union of International Carriers.
He explained that the goods come out more expensive for the end user, precisely because the trucks wait too long at the borders.
"11 hours average waiting time at Rousse, for example, is madness. There were also cases in which the wait was more than two days at Vidin, Ruse and Kulata. This is a loss for our entire economy, despite the fact that we are one of the poorest countries in Europe," Rashkov added.
In Bulgaria, 75% of companies have up to five trucks. If you have three trucks and they are stuck waiting for two days, you are depriving your company of revenue, which is disastrous. These are direct losses for our economy and our industry, he emphasized.
According to him, it is mandatory for the Bulgarian state to open up this topic and clearly state that our acceptance into the overland Schengen is an absolute priority for the native economy, and he called for the invisible borders to be removed as soon as possible Bulgarian business.
Of course, there must be strict border control and it is mandatory. But these checks can be done in a way that doesn't delay us at the border. The priority here is overland Schengen, it should be put on the table an hour sooner, Nikolay Rashkov insisted.
economic.bg - Computer vision is now available for retailers in Bulgaria
Published: 16.04.2024/09/35 XNUMX:XNUMX
The use of computer vision in retail in Bulgaria is already a necessity that must be taken into account in strategic planning of business. The National Strategy for the Development of Artificial Intelligence in Bulgaria contains provisions that outline how businesses can innovate and use AI and other image processing technologies.
The European market for artificial intelligence solutions will grow by around 40% by 2028. This is due to the fact that without artificial intelligence and computer vision, it is already difficult for companies in the field of fast moving goods (FMCG) to lead a successful business. These technologies help stores across Europe to improve their processes: inventory management, merchandising, customer experience. This makes stores more efficient and helps them attract new customers.
Together with Maya Dimitrova, manager business development in the IT company IBA Bulgaria, we will find out how computer vision can improve the economy of retailers and which companies will benefit.
The benefits of computer vision and AI for Bulgarian FMCG companies
Investments in artificial intelligence and computer vision are already important for retailers and other companies in the FMCG sector, such as manufacturers and distributors. Innovative technologies help companies better understand customer needs and preferences, create relevant and personalized offers, and as a result increase the average shopping bill.
In addition, AI automation helps to optimize the business processes of FMCG companies, reduces operating costs and improves accuracy and quality of operations. Let's look at some examples from neighboring countries.
A merchandising agency in Eastern Europe implemented an IT solution based on Goods Checker computer vision to automate the inspection of displayed products in stores. The pilot project covered 6 cities, 45 retail chains and 694 retail outlets. 4 supervisors and 8 merchandisers also took part in it. Within two weeks, 95% item recognition accuracy was achieved and the solution is now successfully operating in 4500 stores across the country.
Using Goods Checker has reduced the time merchandisers spend reporting sales by 70%, allowing them to visit more stores. Also, audits can be performed 60% faster, and companies can get reliable information about stock on the shelves thanks to the analysis of 100% of the photos, which is carried out by computer vision.
The use of IT solutions with computer vision by merchandisers helps to increase the percentage of compliance with planogram layouts, as well as to understand the real situation on store shelves," commented Maya Dimitrova, manager business development in the IT company IBA Bulgaria.
She gives an example of a large distributor of food and confectionery products from Eastern Europe, which was faced with the problem of non-compliance with the planograms in the sales outlets. "Information about non-compliance with commercial and marketing agreements had to be urgently provided to the outlets. In order to analyze the performance of the merchandisers, we decided to use an IT solution based on computer vision, Goods Checker."
As a result, computer vision helped to establish the facts of a real violation of the display of products in the commercial network. The company's managers received a transparent system for controlling the display of goods, they were able to improve their work with the network on the presentation of products, and the percentage of compliance with planograms increased from 60 to 90%," points out Maya Dimitrova.
Artificial intelligence also plays an important role in the use of big data. AI-based analytics help FMCG companies accurately forecast demand, adapt product range and pricing to market demands. As a result, sales and profits increase and the business becomes more competitive in the market.
How the introduction of computer vision in retail will affect the Bulgarian economy
A study by Goldman Sachs suggests that the introduction of artificial intelligence could automate 25% of business processes in Europe, which will help reduce transaction costs and improve the company's efficiency. Analysts estimate that this could increase global GDP by 7% over ten years.
If we apply this to Bulgaria, the introduction of artificial intelligence in business company processes, including in the FMCG sector, is provided for in the National Strategy for the Development of Artificial Intelligence. Innovations stimulate competition, improve the quality of processes, goods and services, which leads to the development of the sector and the general level of the economy.
It should also be noted that the introduction of new technologies helps to create new jobs in the country. For example, developers, data analysts and machine learning engineers are needed to support and develop AI solutions. As a rule, new job opportunities increase the level of income in the economy, which has a favorable effect on the general standard of living of the Bulgarian population.
In addition, the introduction of new technologies in retail attracts young professionals to the industry, as the automation of processes and the use of digital tools improve working conditions and provide opportunities for professional growth and training.
Computer vision is a necessity that is easy to fulfill today
Computer vision is not a new technology in retail that is being explored and tested. Companies all over Europe are already actively using it and Bulgaria should catch this trend. Computer vision brings benefits in the form of improved quality of merchandise exposure, marketing campaigns, analytics and most importantly, profits.
There is a perception that implementing computer vision or any technology related to artificial intelligence is expensive. But this is not true. Today, IT solutions are available by subscription, just like music or movies on streaming services. This makes it possible to pay only for the actual use of the application and avoid expensive custom development, the effect of which can only be expected after a few years.
https://www.economic.bg/bg/a/view/komputyrnoto-zrenie-stana-dostypno-za-ritejlyrite-v-bylgarija
digitalk.bg – Digitalk&A1 Awards '24: UniCredit Bulbank develops a platform for e-exchange and document signing
Published: 15.04.2024/16/55 XNUMX:XNUMX
The development of technology allows a significant part of our activities to go online, and this is especially valuable for those processes that are time-consuming. Realizing this, Unicredit Bulbank proceeds to digitize and optimize its relationship with its own business clients by developing a platform for electronic exchange and signing of documents for legal entities. It aims to provide a new secure channel for document exchange and reduce the use of paper.
BUSINESS CARD OF THE IT PROJECT Project name: Platform for electronic exchange and signing of documents for legal entities/Digital document exchange platform (DDE)
Client: UniCredit Bulbank
Contractor: UniCredit Bulbank
Start Date / End Date: April 2023 – August 2023
The project is a candidate in the Digitalk&A1 Awards'24 contest
Category: Internal solution Platform for electronic exchange and signing of documents for legal entities/Digital document exchange platform (DDE)UniCredit BulbankUniCredit BulbankApril 2023 - August 2023Internal solution
"Thanks to this innovative digital solution, companies can repeatedly shorten the time for accessing and using the bank's products and services, securely and without limitation signing and exchanging documents with us from anywhere in the world. The process is completely digital and does not require paper copies of the documents. In this way, we make an extremely slow process completely paperless - which is also part of UniCredit Bulbank's ESG strategy for more sustainable business processes", the bank explains.
bta.bg – BBR should be part of Bulgaria's energy strategy, announced the bank's executive director Tsanko Arabadjiev
Published: 15.04.2024/16/40 XNUMX:XNUMX
There can be no meaningful transition without the involvement of the national development bank. This is the case in all developed countries, and this is what we are trying to do, I think successfully. The Bulgarian Development Bank (BDB) not only can, but must be an active partner in Bulgaria's energy strategy, because the BDB has a resource that can be used. With these words and an appeal to the responsible government officials, Tsanko Arabadjiev, member of the Management Board and executive director of the Bulgarian Development Bank (BDB), addressed the participants in the energy conference "Sustainable and efficient energy system for a stable and secure economy”. The organizer of the forum is the Association of Industrial Capital in Bulgaria (AIKB).
And in order to illustrate the growing importance and role of the Bulgarian promotional bank for the process of transformation of the Bulgarian economy and energy, Tsanko Arabadzhiev announced that the work on drawing up an agreement between the BDB and the European Commission on the InvestEU program and signing the contracts is about to be completed. Thus, BBR will take on the role of an implementing partner.
"This means that we will issue guarantees for Bulgarian business, so the Bulgarian business to be able to apply to the servicing banks and thus our impact on the system increases many times over," said the BBR representative.
The size of the portfolios that will be created under the InvestEU program and will be guaranteed by the BBR will be in the order of BGN 2,6-2,7 billion. About 60 percent of these guarantees will be for energy efficiency, energy production, RES, specifying that the directions in which these guarantees will be issued are two.
The first is, as it is called in the BDB itself, according to the "standard window" for small and medium-sized enterprises (SMEs). Eligible for financing will be projects for the construction of new production and commercial buildings, for their renovation, equipment and renovation of the production activity of enterprises, for the production and installation of products of essential importance for energy efficiency, financing for energy efficient services, for ESCO contracts etc. This includes the entire palette of production and storage of renewable energy.
"We literally expect to sign the contracts very soon. Generally speaking, the guarantee that will be provided by the BDB will be of the order of 70 percent of each individual loan, with a maximum loan size of 8,25 million euros, with the possibility of its size being increased."
Apart from the "window for SMEs", there is also a "window for sustainable infrastructure". It will be possible to finance measures for alternative types of transport, electromobility, production of low-carbon technologies, etc.
"We are working very actively, but in any case we have a certain capacity, which has more or less already been reached. Our teams work hard, but in the end, with the smaller banks in Bulgaria, but the direct result of the business on society is somewhat limited. What we are doing as a next step is to work much more actively with other commercial banks in the presentation of guarantee products," Tsanko Arabadzhiev announced BBR's development plans.
http://www.turbulence.tech