At a ceremony at the Grand Hotel Sofia on October 17, Bulgaria’s DSK Bank and IMD (Investment and Market Development) Corporation signed a memorandum of understanding.

DSK chief executive Violina Marinova signed on behalf of the bank and IMD managing partner Ivan Drenovichki signed for the other party. The ceremony was attended by a number of US embassy officials.

According to a statement by DSK, the main purpose of the document, which it described as “essentially a declaration of intent”, is to facilitate the implementation of United States investment projects in Bulgaria that involve US own equity and/or participation of US companies in the project management.

The projects will be implemented in a number of key economic sectors such as tourism, agriculture, infrastructure, transportation, power, and so on, the statement said.

“Using its rich financial experience and competent staff, the largest bank in Bulgaria, DSK Bank, will considerably facilitate the process of selection, timing and amount of investments and it will guarantee admissible risk profile of the loans granted under these projects,” the bank said.

DSK Bank will help in the selection of investments and ensure acceptable risk profiles of the project loans.

A special feature of the memorandum was that specific co-operation between the parties, the terms of each funding and support, will be negotiated on a case-by-case basis.

IMD Corp specialises in the development of investment projects involving shareholding and/or management from US companies, in drawing of private capital, know-how and modern technologies from the States for the development and implementation of projects in Bulgaria. IMD Corp was established recently with the purpose of implementing US projects in Bulgaria.

“With all the energy of a new beginning, fuelled by the right mix of resources, IMD Corp is ready to turn Bulgaria’s countless business opportunities into real transactions involving US private sector expertise and capital,” IMD Corp said.

IMD Corp said that it served as an essential link between American and Bulgarian business communities, marshalling resources and creating innovative strategies. It said that it put specific emphasis on fostering partnerships between US and Bulgarian businesses through joint ventures and territorial licence agreements.