Board of Directors

The board of FLAG consists of seven members, including representatives of the Ministries in charge of the relevant Оperational programs. The executive director of the Company is the representative of the National Association of Municipalities in Republic of Bulgaria.

Chairman: Dobromir Simidchiev


Dobrinka Krusteva
Plamen Iliev
Yulia Tsolova-Ilieva
Valeria Kalcheva
Evgeni Stoev
Nadya Dankinova (FLAG executive director)


The Fund counts on small in quantity but wide profiled personnel with experience in the spheres of project implementation and appraisal, finance and municipal lending. The main structures of the Fund are the departments – General administration, Lending and Monitoring, Finance, Financial Instruments and Risk Management.

Executive director: Nadya Dankinova

Lending and Monitoring department

Julia Karadjova – Director
Rossen Koznitchki – Senior expert
Nikolay Tsvetanov – Senior expert
Milena Pashankova – Senior expert
Radko Bagdasarov - Expert
Gabriela Dimitrova – Expert
Rozalina Tsvetanova – Expert
Silvia Moussa - Expert

Finance, Financial Instruments and Risk Management Department

Vanina Chalakova – Director
Lyubomir Tsarev – Senior expert
Iva Petkova  – Senior expert
Hristo Shumanski - Expert
Gabriela Apostolova– Expert
Mladen Dilov – Expert

General administration

Kalinka Todorova – Chief accountant
Lyubka Mazneva – Internal auditor
Violeta Darova – Legal adviser
Daniela Nikolova – Office manager
Valeri Jusev - Technical assistant