Minister Pulev appointed the regular members of the Supervisory Board of the Fund of Funds

The Minister of Innovation and Growth Alexander Pulev, in his capacity as the principal of "Fund Manager of Financial Instruments in Bulgaria" EAD (FMFIB), appointed three members of the Supervisory Board of the company. These are Nikolay Genchev, Nikolay Markov and Alexander Petkov. They were appointed after a competition held in accordance with Art. 21, para. 1 of the Law on Public Enterprises, the relevant ministry announced.

The Supervisory Board was established by the Decision of the Council of Ministers dated October 5, 2022 to change the Statute of FMFIB and move from a one-level system of management - board of directors - to a two-level - management and supervisory board.

The change was another step to improve the efficiency and control over the management of public funds provided to FMFIB for the implementation of financial instruments under European funds and programs, as well as to introduce clean and transparent policies in the Fund of Funds. Based on the same decision of the Council of Ministers, the Minister of Innovation and Growth appointed temporary members of the Supervisory Board until a competition for the election of regular members is held.

The competition was launched in February 2023 and the deadline has been extended to allow a wide range of qualified applicants to participate. The competition took place in three stages – verification of eligibility documents, evaluation of written concepts for the development of the public enterprise and interview. The selection was made in accordance with publicly announced criteria and methodology, in accordance with the applicable regulatory requirements. The criteria were published on the MIG website when the competition was announced.

The newly appointed members of the Supervisory Board are proven professionals with many years of management experience in the financial sector.

Nikolay Genchev has many years of experience in the consulting business and in all areas of the financial business. For nearly 20 years, he held senior management positions in management and supervisory bodies of financial institutions, as well as branch associations and non-profit organizations. Financier with experience in the country and throughout the region. Nikolay Genchev, in addition to being an investor, is also a mentor to young entrepreneurs. He also has considerable experience in building successful teams that determine market trends; in restructuring and reorganization of businesses; in implementing significant strategic changes; in structuring financial and investment products. His experience is also in the field of digital transformation in the financial world, including fintech, as well as sponsoring intra-company innovations. Genchev holds a Master of Business Administration (MBA) from Sofia University. He has completed numerous professional trainings and courses, including at the Harvard Business School.

Nikolay Markov has over 20 years of experience, incl. and management, experience in evaluations, business modeling, financial and economic analyses, project financing, transactions, checks (due diligence), regulatory compliance (compliance) and other projects in global auditing and other companies, for clients in Bulgaria, other countries in Europe, America and Asia. Nikolay Markov has also worked on a number of projects for financial institutions, incl. for the World Bank, institutional funds financed with European funds, private European funds, European and Asian banks, global fintech companies. He is a member of the management board of the Chamber of Professional Appraisers in Bulgaria. He graduated in finance and banking management at the University of Piraeus - Greece. Certified Financial Analyst (CFA) and Independent Appraiser.

Alexander Petkov has many years of experience in the field of finance and investments, a manager with extensive experience working in international teams. He has held positions such as director of investor relations and financial planning, general manager and other expert and management positions in various companies and societies. Licensed Business Appraiser. He was a manager in companies from the insurance and investment sectors. Petkov has extensive experience in the preparation of financial and legal analyzes and forecasts, as well as in the development of business strategies. He graduated in finance and banking at UNWE.