Milen Velchev is one of the young western-educated professionals that joined the Cabinet of Bulgaria's Prime Minister Simeon Saxe-Coburg.

He was born on March 24, 1966 in Sofia. Velchev studied international relations at the University of National and World Economy in Bulgaria's capital from 1983 to 1988.

From 1992 to 1993 he specialised business management in the University of Rochester, Rochester, New York.

In 1995 Velchev received a MBA degree in Financial Engineering in the Massachusetts Institute of Technology.

He became an associate with the Investment Banking in Eastern Europe, Middle East and Africa Department at Merrill Lynch & Co in 1995.

From 1999 to 2001 Velchev worked as Emerging Markets Vice President at Merrill Lynch & Co. He acted as relationship manager for Merrill Lynch's sovereign and corporate clients in Central and Eastern Europe.

Responsible for a broad range of milestone transactions, such as the first Eurobond issues for Ukraine, Romania and Moldova, the first bond issues by an Eastern European corporation (Renel, now Termoelectrica, of Romania) and an Eastern European bank (Romanian Commercial Bank), the landmark USD 3 billion restructuring of Ukrainian sovereign debt, and advised on several important privatisation deals.

In July 2001 Velchev became a MP the Simeon II National Movement and was then appointed finance minister.

He was Euromoney's Finance Minister of the Year in 2002 and Governor of the World Bank. He was also appointed Governor of the European Bank for Reconstruction and Development. Velchev is Chairman of the board of directors of the Bank Consolidation Company and a Chairman of the Monetary Council. He holding the posts of Chairman of the Council for Internal Financial Control and Chairman of the Tax Policy Advisory Council as well as being National EU Aid Coordinator.