To date, Fund "Agriculture" has signed an agreement with 11 commercial banks to cooperate in confirming the validity and authenticity of bank guarantees issued by the banks in favor of the fund.
Some schemes and support measures implemented by the Fund "Agriculture” require applicants to submit bank guarantees issued by the banks or their branches in the country. Confirmation of such guarantees is a necessary administrative process which ensures the transparency and security for the payment of public funds.
Following its policy for maximum easing of administrative burden, the State Fund "Agriculture" seeked cooperation with commercial banks. After several meetings with representatives of the banks and the Association of Banks in Bulgaria a new, jointly developed mechanism, was adopted which will verify bank guarantees.
Under the agreement the banks and fund "Agriculture" will exchange information through electronic systems alongside qualified electronic signatures. The implementation of the agreement will shorten significantly the period for inspections and will accelerate the payment of subsidies to the beneficiaries of the Fund.
So far the following commercial banks have signed the Agreement:
ALLIANZ BANK BULGARIA
DSK BANK
BULGARIAN BANK FOR DEVELOPMENT
INTERNATIONAL ASSET BANK
PROCREDIT BANK / BULGARIA /
FIRST INVESTMENT BANK
CIBANK JSC
UNICREDIT BULBANK
TEXIMBANK
ALPHA BANK
EUROBANK EFG BULGARIA
* The list shall be updated with any names of new banks joining the agreement.