Bulgaria’s Finance Minister says the government is trying to promote the access to funding from international financial institutions.

Speaking at a conference on the “Role of international financial institutions and the access of Bulgarian business to their instruments”, Petar Chobanov said the government is initiating different measures to stimulate local firms, both through international credits and through Bulgarian banks.

“The access to finance plays a critical role in the competitiveness and growth potential of Bulgarian firms. We are expecting rewarding cooperation with the international financial institutions, in order to overcome the difficulties we inherited at the start of our term”, said Chobanov, cited by Investor.bg.

The Finance Minister pointed out microcrediting, international funds, traditional bank financing, and direct financing for large projects, as the various channels for supporting local businesses.

The government’s measures to reduce the administrative burden are expected to yield positive results in the near future as well, and to attract more foreign investment.