site.btaBulgaria, Seven CEEurope Countries Sign Memorandum on Capital Markets Development


Bulgaria signed a Memorandum of Understanding on capital markets development with Croatia, Poland, Romania, Slovenia, Slovakia, Hungary and the Republic of North Macedonia, the Finance Ministry said on its website on Monday. Deputy Minister of Finance Metodi Metodiev took part in the official signing ceremony, held earlier Monday in Zagreb, Croatia.
The memorandum was signed between the Bulgarian Ministry of Finance and the Ministries of Finance of Croatia, Poland, Romania, Slovenia, the Slovak Republic, the Republic of North Macedonia, and the Ministry of National Economy of Hungary.
The memorandum regulates institutional cooperation for the development of more efficient capital markets in the region, with the aim of reducing barriers to cross-border capital flows and facilitating business' access to financing. This will stimulate economic growth and contribute to macroeconomic and financial stability in the countries party to the Memorandum, the statement said.
"The development of capital markets in the region will facilitate the deployment of more private savings for productivity-enhancing investment and sustainable economic growth. Local ecosystems are essential for providing financing to start-ups and small and medium-sized enterprises, and local investors play an important role in the early years of their development. Regional cooperation is important to ensure that these enterprises can finance their growth and develop cross border activities, as the connectivity of capital markets in the region will provide local issuers with access to more investors and lead to an increase in investment flows," Deputy Minister Metodiev said during the ceremony, as quoted by the press centre of the Ministry of Finance.
The draft Memorandum of Understanding on capital markets development was approved by the Council of Ministers in July.
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