09.08.2021

The Ministry of Finance has launched a competitive procedure for the election of a Board of Directors of the Fund Manager of Financial Instruments in Bulgaria (Fund of Funds). The purpose of the procedure is to elect the management, with the selection to be held in an as transparent, market-oriented and close-to-the-business-logic principle as possible and on the basis of market criteria. The call for the selection of candidates can be found on the website of the Ministry of Finance.

After the caretaker government took office, it made a detailed analysis of the effectiveness of the management of the Fund of Funds (invested fund rate and effect of investment thereof; cost analysis and analysis of management processes) and some measures were taken to:

• optimise the structure and the processes within the Fund Manager of Financial Instruments in Bulgaria so as to improve its competitiveness on the financial instruments market;
• increase the participation and control of the management bodies of all ministries having programmes run by the Fund Manager of Financial Instruments in Bulgaria at every stage of management; and
• provide conditions for the participation of business representatives, representatives of industry associations of banks and equity funds, domestic and foreign scientific organisations in the strategic positioning of the Fund Manager of Financial Instruments in Bulgaria.

An Order of the Council of Ministers of 15 July 2021 endorsed new statutes of the Fund Manager of Financial Instruments in Bulgaria and the Minister of Finance was assigned to set up a committee selecting the members of the new Board of Directors. The Committee includes the managing authorities under the Law on the Management of European Structural and Investment Funds which have a financial agreement with the Fund of Funds.

At the moment there is a provisional Board of Directors of the Fund until the competition procedure takes place.