Bulgarian development bank Bulgarian development bank


About Us

The National Guarantee Fund was created in 2008 as a part of the Bulgarian Development Bank Group. The Fund issues guarantees, that complement the collateral, required by the commercial banks in order to approve loans for the Bulgarian business. The NGF facilitates the access to finance for small- and medium- sized enterprises and contributes to the decrease of the interest rates of the loans granted to them. The support of the Fund gives an opportunity for loan financing for start-ups and firms with no previous credit history.

What have we achieved so far?

  • For the past 6 years the Fund has successfully cooperated with 21 commercial banks and has realized 4 guarantee programs;
  • Thanks to our support, more than 2 400 SMEs were granted loans;
  • We have widened the scope of firms that the commercial banks are willing to finance;
  • We have given the opportunity to start-ups and enterprises lacking previous credit history to access loan financing;
  • We have favored the decrease of interest rates on the granted loans;


BOARD of directors
Stoyan Mavrodiev
Chairman of the Board of Directors
Stoyan Mavrodiev holds a Master of Law from Sofia University "St. Kliment Ohridski" and a Master in Finance from the University of National and World Economy. He attended a series of courses at the International Tax Academy in Amsterdam, and has also trained in the US Department of State's International Program of Leaders. His career started as a legal, tax and business consultant at PriceWaterhouse Co. In the period 1996-2006, he worked as a financial and legal consultant in the United Consulting, which he also managed. From 2009 to 2010 he is Deputy Chairman of the Commission for Economic Policy, Energy and Tourism and member of the Budget and Finance Committee of the 41st National Assembly. For 6 years (2010-2016) he is Chairman of the Financial Supervision Commission (FSC), which oversees and regulates the financial system and the non-banking financial sector in Bulgaria. From 2010 to 2016 he is a member of the Advisory Financial Stability Board (FSF). In this period, it is also a member of a number of international organizations, including ESMA, EIOPA, ESRB, IOSCO, IAIS and IOPS.
Angel Djalazov
 Vice-Chairman of the Board of Directors
Andon Georgiev
Member of the Board of Directors and Procurator