Following the conclusion of an agreement between the European Investment Fund (EIF) and Cibank on Friday, 1000 Bulgarian SMEs will be eligible to receive 100 million euros in loans under the programme for Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME).
COSME is a mechanism of the EU for financing SMEs with the support of the European Fund for Strategic Investments (EFSI) through which the European Commission and the European Investment Bank (EIB) Group are implementing the Investment Plan for Europe announced by Commission President Jean-Claude Juncker.
The agreement foresees that in the next three years Cibank will provide a total of 200 million levs in loans to Bulgarian SMEs.
The loans will be provided with a guarantee from EIF with the financial assistance of the European Commission.
In this way Cibank will be able to offer additional funding at favourable conditions to more than 1000 SMEs.
Commission Vice-President Kristalina Georgieva welcomed the agreement as an excellent news for Bulgarian enterprises and the country's economy.