19.04.2021 BDB Microfinancing received a certificate from the European Code of Good Conduct for Microcredit Provision
The microfinancing institution Jobs, which now has a new name – BDB Microfinancing, has received high recognition from the European Code of Good Conduct for Microcredit Provision. The subsidiary of the Bulgarian Development Bank was awarded a certificate of compliance with the Code, which defines a unified set of standards for the microfinance sector in Europe
According to said certificate, BDB Microfinancing has achieved the required global marking and thus complies with the European Code of Good Conduct for Microcredit Provision. The decision was made by the Code Steering Group based on the recommendation of the independent rating agency MicroFinanza Rating.
"We would like to thank BDB Microfinancing for its strong commitment to complying with the Code and maintaining high ethical lending standards in the European microfinance sector," reads the certificate signed by Ann Branch, Chair of the Steering Group of the European Code of Good Conduct for Microcredit Provision.
The European Code of Good Conduct for Microcredit Provision has been developed based on the best practices recognized in the sector. The signing or approval of the Code is a precondition for access to EU funding under the EU Program for Employment and Social Innovation (EaSI).
The recognition by the European institution comes a few days after BDB's subsidiary introduced itself under its new name. The change reflects the focus of BDB Microfinancing on supporting microbusinesses and its affiliation with the Bulgarian Development Bank Group.
"This affiliation will be even more visible and significant in the strategic period of 2021-2023, because we actively support BDB in the role assigned to it by the state to restore the business and the economy from the effects of the crisis caused by the COVID-19 pandemic," said Ivana Tsaneva, Executive Officer of BDB Microfinancing.
For 11 years, the subsidiary of BDB has been creating conditions for the successful development of micro and small enterprises excluded from the financial services market, giving them the opportunity and support to develop their business and build a good credit history – a goal set annually in the BDB Group development strategy.