Fund Manager of Financial Instruments in Bulgaria JSC (FMFIB) is a state-owned financial institution represented by the Minister of Innovation and Growth

It was established by a decree of the Council of Ministers on 22 July 2015 for the purpose of implementing financial instruments under operational and other programmes co-financed by the European Structural and Investment Funds (ESIF).

Currently FMFIB has signed agreements for the management of financial instruments with the Managing Authorities of Competitiveness and Innovation in Enterprises Programme 2021-2027, Research, Innovation and Digitalisation for Smart Transformation Programme 2021-2027, Development of Regions Programme 2021-2027, Education Programme 2021-2027 and Environment Programme 2021-2027 with a total resource of about BGN 1.9 billion. FMFIB performs the functions of а Fund of Funds (FoF) by allocating targeted public funds from European programmes and national co-financing through specialised financing schemes (financial instruments).

The main activities of the FMFIB include:

• Conducting market consultations to prepare a preliminary assessment of the demand and supply of financial products in the relevant fields and among selected target groups;
• Structuring debt and (quasi-) equity financial instruments and term sheet specifications;
• Conducting an open and transparent selection of financial intermediaries that in turn provide the necessary co-financing and deliver financial products to the final recipients;
• Entering into operational agreements with financial intermediaries;
• Monitoring, risk management, operational and financial reporting of the financial instruments and follow up of the achievement of the goals set in the relevant European programme - the source of the public resource.

Supervisory Board

Nikolay Genchev holds the position of a Chairperson of the Supervisory Board of FMFIB since November 2022. He has more than 25 years of corporate consulting experience covering broad areas of financial services in Bulgaria and abroad. The last 20 years, he has been holding senior managerial positions in the management and supervisory bodies of financial institutions, as well as industry associations and non-profit organizations. A financier, investor and mentor of young entrepreneurs, Nikolay Genchev has significant experience in building successful teams, setting market trends, restructuring and reorganizing businesses, implementing significant strategic changes, and developing financial and investment products.

As a valuable member of various corporate organizations, he has initiated the digital finance transformations and sponsored in-house innovations to boost company performance. Nikolay Genchev holds an MBA from Sofia University and has completed numerous professional trainings and specializations, including a course at Harvard Business School.

Nikolay Markov joined the Fund of Funds team at the end of 2022 as a member of the Supervisory Board. He has more than 20 years of professional experience in financial analysis, valuations, project finance and economic analysis. His expertise extends to structuring investment transactions and ensuring regulatory compliance.

Nikolay Markov has collaborated with corporate and institutional stakeholders from Bulgaria, Europe, America and Asia, including the World Bank, private and institutional funds, and global fintech companies. He holds a degree in Finance and Banking Management from the University of Piraeus.  He is a Certified Financial Analyst (CFA) charterholder and an independent appraiser.

Alexander Petkov has been a member of the Supervisory Board of the Fund of Funds since May 2023. He has more than 25 years of professional experience in finance, investments, corporate governance and national security.

He has held management and expert roles in companies across the non-banking financial sector, as well as in communications, defence and energy. He has worked as an investor relations and financial planning director, general manager, manager in insurance and investment sector companies, securities broker, and as a project manager in the renewable energy industry.

Alexander Petkov is a licensed commercial and real estate appraiser with experience in financial and legal analysis, forecasting and business strategy development. He holds a Master’s degree in Finance from the UNWE and a qualification in Law from the Institute for Postgraduate Studies at the UNWE.

Management Board

Victoria Hristova is the Executive Director and a Chairperson of the Management Board of the Fund of Funds. She joined the team in May 2019 after 18 years of professional experience in corporate finance. She began her career as a Chartered Accountant and over the years has held various management positions in several significant banks in Bulgaria. Her responsibilities included managing debt portfolios of major Bulgarian and international corporate companies, structuring credit transactions, conducting financial and market analysis, risk assessment as well as developing client relationships for the banking institution.

Victoria Hristova has also been involved in merger and acquisition processes within Bulgaria`s banking sector. She holds a Bachelor's degree in Finance and a Master's degree in Business Administration (EMBA).

Biser Petkov joined the Fund of Funds in May 2023 as an Executive Director and member of the Management Board. He has extensive experience in the regulation and supervision of the non-banking financial sector as Chairperson of the State Agency for Insurance Supervision (2002-2003) and Deputy Chairperson of the Financial Supervision Commission in charge of the Insurance Supervision Department (2003-2009).

Biser Petkov also has experience in public administration as Governor of the National Insurance Institute in the period 2011-2017. From May 2017 to December 2019, he served as Minister of Labour and Social Policy. He holds a PhD in Economics from the University of National and World Economy and he obtained a degree of Associate Professor in 2012.

Pavel Lisev joined the Fund of Funds team in November 2022 as an interim member of the Board of Directors and currently serves as Executive Director and member of the Management Board. He has professional experience in developing business models and valuations, conducting marketing research and managing large investment projects and private equity investments. His background includes roles as a financial analyst at a Swedish start-up, senior investment banking expert at a pan-European financial institution and program coordinator for fintech start-ups.

His most recent position prior to joining FMFIB is Senior Manager at an international corporation related to the implementation of innovative products and solutions in the digital and card payments industry. He has gained experience also as a program coordinator for pilot projects and technological innovations in digital transformation.