The National Assembly Approved on first reading the Bill on the Bulgarian Bank for Development, submitted by the Council of Ministers
The National Assembly approved on first reading the Bill, submitted by the Council of Ministers, on the establishment of a Bulgarian Bank for Development, on its sitting March 13, 2008. It foresees the transformation of the "Business Encouragment Bank", Ltd into Bank for Development.
The bill regulates the establishment of a National guaranties Fund and a Fund for capital Investments. The two Funds will be Subsidiaries, Joint stock companies, of the Bank, which will hold a 51 percent share in their capital.
The main function of the Bulgarian Bank for Development will be to improve, stimulate and develop the general economic, export and technological potential of the small and medium size enterprises in Bulgaria, as well as helping their activity as a whole and facilitating their access to capital. The new institution will use diverse instruments for the financing of public investments and developmental projects of national importance. It will also attract funds from International and other finance institutions
The Bulgarian Bank for Development will lend money to small and medium size enterprises, will facilitate their import and export activities, as well as will finance the latter through buying shares in their capital with the help of the Fund for capital investment. The Banc would be able to issue banc guaranties to supplement the collateral of the client, being a small or medium size enterprise, when it applies for a credit from other local or foreign financial institutions, directly or through the National Fund for Guaranties.
The National Assembly approved on first reading the amendments in the Social Security Code concerning the social security status of the employees of the State Agency for National Security.
The Assembly approved on second reading amendments in the Territorial Planning Act in order to make it compliant with the new legislation for the establishment of the State Agency for National Security.
The Parliament ratified a Convention of the International Labor Organization covering the policies for Employment and accepted the Report on the status of the Environment for 2005.
The MPs made replacements in two Standing Committees. Andrey Batashov(Coalition National Movement Simeon II) was released as member of Environment and Water Committee and was nominated as member of Culture Committee. Reihan Ablekim (Movement for Rights and Freedoms) was selected as member of the Environment and Water Committee and was released from the Culture Committee.