Board of Trustees

Ms. Kalina Milanova - Chair

Ms. Nina Koltchakova – Member

Mr. Dimo Tzolov - Member 


Ms. Rossitza Wartonick – Executive Director


Advisory Board

Mr. Dan Wartonick 

Dr. Franz Joseph  Goetz 

Ambassador Jolanda Brunetti 

Ms. Sophia Kassidova

Ms. Kalina Milanova 



Mr. Momchil Denchev

Ms. Vessela Nikolaeva

Ms. Teodora Panayotova

Mr. Hristiyan Nedkov 


Ms. Maria Buchkova – Accountant


Ms. Kalina Milanova – Chair of the Board of Trustees 

Kalina Milanova is a lawyer with more then 10-years experience in Bulgaria and abroad in financial and corporate law. She is Representative of the European Law Firm in Bulgaria.

Kalina Milanova has worked in London as Chief Legal Counsel of an UK private equity fund providing mezzanine financing for projects in Central and Eastern Europe. Prior to that, she was part of the Bulgarian team of the UK law firm CMS Cameron McKenna.

Kalina Milanova has significant experience in financial and corporate governance legislation. In 2000-2003 she was Senior Legal Adviser to Financial Markets International, which advised the Government of Bulgaria on capital markets regulations and the creation of the Bulgarian Supervision Commission. During this period she participated in the drafting the amendments to the Law on Public Offering of Securities Act and the related regulations. She participated also in the creation of the first Code of Corporate Governance. She is a Lecturer at numerous workshops and seminars on financial literacy for judges, representatives of public companies, students and others.

Kalina Milanova has a Master’s degree in International Business Law from UCL, London, and Master of Laws from the Law Faculty of Sofia University. Her articles and interviews have been published in the International Herald Tribune; the Yearbook of the 5th International Conference on Corporate Governance, London, 2004, and others.

Ms. Nina Koltchakova
Member of the Board of Trustees

Nina Koltchakova is highly qualified expert in financial markets. She graduated with distinction from one of the top 15 UK universities and acquired additional qualification in courses of Tokyo Stock Exchange, US Securities and Exchange Commission, the International Organization of Securities Supervisors. 

During her 15-years career in the financial sector she has consecutively worked as expert in international relations on Bulgarian Stock Exchange, expert in investment projects in Bulgarian Foreign Investments Agency, macroeconomic analyst in Internet Securities Inc and Director for International Co-operation of the Financial Supervision Commission. In the FSC she coordinated the participation of the institution within the European Supervisory Authorities for insurance and for capital markets and the Bulgarian contribution for the EU Council negotiations on capital markets legislation and general financial markets policy. 

On behalf of the Financial Supervision Commission Nina Koltchakova was project leader of 6 international development projects financed by EU, USAID, WB at the amount of more that EUR 5 mln. 


Mr. Dimo Tzolov– Member of the Board of Trustees


Ms. Rossitza Wartoncik – Executive Director

Rossitza Wartoncik has extensive experience and expertise in the area of public communications, strategic planning, development and implementation of educational projects for improving financial literacy and awareness. Rossitza Wartoncik was responsible for the public communications and financial education programs, and for the Consumer Information Center of the Financial Supervision Commission from its establishment in 2003 until 2011. She was involved in the development and implementation of a number of educational programs and initiatives, among which was highly successful students program  “Non-banking financial sector in Bulgaria”. In 2012 she participated in the drafting of the FSC’s program for protection of the financial services consumers.

In the period 2002 – 2003, Rossitza Wartoncik was a public relation and public financial education advisor of Financial Markets International, implementing the project “Regulations on the capital markets”, funded by USAID. Presiously, from 1997 to 2002, Rossitza Wartoncik worked as public relations and international cooperation expert in the “Bulgarian Stock Exchange – Sofia”.

Rossitza Wartoncik
is a Certified Financial Planner, Member of the Institute of Certified Financial Planners. She is member of the Bulgarian Association of Public Relations. She has been elected as a Member of the Supervisory Council of the Association for the period of 2017 - 2022.

She has a Master’s degree in Economics and Management, a joint program of the Faculty of Economics of Sofia University and of the Faculty of Economic Science of the Erasmus University, Rotterdam, and an MA in Slavic Studies  from Sofia University. She has many specializations in the field of public communications and public financial education as well as participations as a speaker in many public events in the country and abroad.




Mr. Momchil Dentchev 

Mr. Momchil Dentchev has a master's degree in law from Sofia University "St. Kliment Ohridski", specializing in commercial and labor law as well as in the field of consumer protection. Supports the activities of the Financial Literacy Initiative Foundation  in the preparation of agreements, presentations and representations of the Foundation to various government institutions. Fluent in English, French and Russian.


Ms. Vesela Nikolaeva

Vesela Nikolaeva workes as a financial journalist since  2005. She started at daily “Money”, then moved to national newspaper “Dnevnik”and "Capital daily", where she was covering the areas of  insurance, pensions and investments in financial assets.  She is creator and author of the column "My finances"  and for several years was part of the team of journalists who developed material for the columns "Personal Finance" and "My Capital".


Ms. Theodora Panayotova

Ms. Theodora Panayotova participates  in the development of projects related to the financial education of different groups –pupils , students, seniors. She has extensive experience as a teacher at International School For Foreign Students. She has been working as a  journalist and PR in financial institutions. Over the past 15 years she has been an PR consultants at the  the Financial Supervision Commission and the Ministry of Finance.

Ms. Theodora Panayotova has number of  publications in different media. Currently she is part of the expert team of the site “Family Finance”.


Ms. Rumyana Vitnyova

Rumyana Vitnyova teaches economic subjects, including Finance and Accounting for 18 years and winner of the first professional degree. There are numerous publications on innovative educational technologies and in the last five years her students are winners medal and prize winners in several national contests and competitions, as in any of them represent Bulgaria at the World and European Cup. In 2013  she received an Honorable Mention "Neophyte Rilski" for long overall highly professional work. In 2014 Ms.Vitnyova was awarded as  "Teacher of the Year " in vocational training. In 2015 she was awarded a special prize at the national competition in the same category. Ms. Vitnyova  is  "Teacher of the Year of the municipality of Vratsa" for 2014 and 2016.  She is  is a member of the Union of Scientists in Bulgaria Section "Pedagogy and Psychology".


Mr. Hristiyan Nedkov

Mr. Hristiyan Nedkov has a first class bachelor’s degree in Accounting and Finance from the University of Manchester, where he received a Dean’s Award given for an outstanding academic achievement. There he participated in “ AuditFutures” assembly held by Institute of Chartered Accountants in England and Wales (ICAEW), which main objective is to raise the quality of the accountancy profession.  Hristiyan Nedkov has also a master’s degree in Accounting and Finance from London School of Economics, where he specialized in Corporate Finance and Financial Valuation.

Being a financial professional  Mr. Hristiyan Nedkov supports some of the most important and innovative areas of FLI’s activities, namely the development of financial education programs and tools. 



Mr. Dan Wartoncik


Dr. Franz Joseph  Goetz


Ambassador Jolanda Brunetti 


Ms. Sophia Kassidova

Ms. Kalina Milanova



Mr. Dan Wartonick

Dan Wartonick has been involved in public policy formulation and management of economic and social protection development for more than 32 years. He has assisted governments and international donor organizations in more than 15 countries throughout the World. He holds a Bachelor of Science degree in Politics and Government and Russian Studies from the Ohio Wesleyan University and a Master of Arts degree in International Politics from Drew University. Mr. Wartonick is a technical expert in pension and social safety net reform and an experienced manager of donor projects. He has managed reform projects in Eastern Europe, the Caucasus, Central and Southeast Asia and the Middle East as well as consulted on projects in Africa, Eastern Europe, the Balkans, the Middle East and North Asia. His expertise includes economic research and analysis, policy development, program administration, and legislative development. From 1979 until 1996, he served in various technical, advisory and managerial roles in the United States Government. He managed programs and advised high level officials in the Office of the Commissioner, Social Security Administration (SSA), the President’s Commission on the HIV Epidemic, the Assistant Secretary for Legislation in the Department of Health and Human Services, and the Public Trustees of the Social Security Trust Funds. He was appointed Acting Executive Director to the Quadrennial Social Security Advisory Council in 1995-96, before leaving the US Government to pursue his career in international economic development.



Dr. Franz Joseph  Goetz

Dr. Goetz began his professional carrier in 1974 as Assistant Professor at the Institute for Transport Science and Public Economy of Munich University, Germany. After completing there his Ph.D. in economics, he worked as Team Leader of interdisciplinary international expert teams and transport specialist on numerous Technical Assistance projects and studies worldwide, financed by the international donor community. He was staff member of the Paris-based OECD road research programme from 1986 to 1989. From 1992 to 1998, he managed his own consultancy company STEP international slra registered in Rome, Italy, focused on joint venture promotion in transport between Italy and China. During the years 2000 to 2006, he was staff member of the EC Delegation to Kiev, Ukraine and became a renowned speaker at international conferences and participant of international working groups, on issues of EU enlargement and regional transport integration, transport safety and EU White Paper on transport principles. Since the early 1990s he has been recurrently involved as Senior Transport Expert and Team Leadder in pre-accession advisory services and the adoption of the EU Acquis in transport, concerning in particular investment appraisal studies, the preparation of sector programmes for transport and the legal approximation to and implementation of EU and international transport legislation.



Ambassador Jolanda Brunetti 


Jolanda Brunetti started her diplomatic career after winning a competition for the Foreign Service in Rome in 1967. After initial assignments to Malaysia (1969-1972) and New York (1972-1974), where she pursued her interest in the policies and development issues of developing countries and the UN system, she was appointed Italian Ambassador to Burma from 1980 to 1984, becoming the first woman to assume these functions in the Italian Foreign Service. Having had the opportunity during this period to learn about the resources and potentials of the South-East Asia region, and of East Asia as a whole, the subsequent assignment to Paris OECD in 1984 was another important step towards the understanding of the international environment and development mechanisms, conducive to mutual benefit and growth. Back in the Ministry in Rome in 1988, she was promoted Head of the Technical Unit of the Italian Cooperation Department with more than 100 staff members, where she continued to focus on development principles and apply them to concrete problems. After the dissolution of the USSR, her next assignment as Head of Mission was from 1995 to 2000 to Uzbekistan, extended in 1996 to Tajikistan, both countries chosen to complete her picture of overall Asian economic situation, policy approaches and international relations. From 2000 to 2004, her final assignment as Ambassador to Ukraine brought her in close contact with a new level of development problems associated with the revival of heavy former soviet industries and agricultural institutions, which had proved unproductive. Her most recent assignments, as Special Coordinator of the reform of the justice system in Afghanistan or Head of OSCE/ODIHR appraisal missions to Uzbekistan and Slovakia, were focused on the improvement of the functioning of the justice system and the related public administration, and the evaluation of the democratic progress in the electoral context respectively.



Ms. Sophia Kassidova


Seasoned Senior Management professional with experience impacting global performance and economic growth with extensive business and diplomatic experience in high-profile government, banking and business consultancy roles in transition economies.


• Led banking financial and funding strategy, operational, budget planning and risk management.

• Provided consultative services in the development of overall business strategy and planning.

• Served as a member of numerous senior management committees and corporate boards.

• Negotiated with WB, IMF, EC and other international donors financing for economic reforms and investments.

• Closed the final chapter of Bulgaria’s EU accession, and delivered key state infrastructure projects.


A highly accomplished senior professional in key government, banking and corporate consultancy roles I have 15+ years of experience in the industrial and investment industry of the SEE Europe and the Black Sea region.

Within top Bulgarian ministry positions, and later on in a regional IFI – the BSTDB, she has hands-on experience in public and private investments, in structuring and mobilising resources for complex crossborder  projects in transport and telecom infrastructure, energy efficiency and renewables within the framework of applicable EU policies.

Sophia Kassidova was a deputy minister of economy and deputy minister of transport in the Bulgarian government  between 2001 and 2005, formed with the majority of NDSV (member of the group of ALDE) and led by Simeon Saxe-Coburg-Gotha.

Sophia also holds a post graduate diploma in financial strategy from Oxford University, Said Business School, finished MSc in Finance and Banking at Reading University, the UK and a MA in Economics from the University of the State of New York. Currently she is a PhD researcher in banking at the finance department of Sofia’s University for National and World Economy.