EIB Extends 100 Mln Euro Credit Line to Back SMEs in Bulgaria
Thursday, 01 January 1970
The European Investment Bank (EIB) extended a 100 million euro ($131 million) credit line to back small and mid-sized companies in Bulgaria, the lender said.
The loan will finance projects of SMEs in the areas of industry and services, including tourism, which will increase employment and boost the competitiveness of the Bulgarian economy, the EIB said.
The credit line applies to all types of economic sectors and companies with a staff of 10 to 3,000, the Bulgarian News Agency reported. The line can finance both small projects and projects worth up to 50 million euro, as for projects worth 25 million euro the SME line may finance up to 100% of the costs.
The loan is being provided under the Joint International Financial Institution Action Plan for Growth in Central and South Eastern Europe, agreed by the EIB Group, the World Bank Group, and the European Bank for Reconstruction and Development, and focused on providing better access to long-term finance for Europe's SMEs to help mitigate the effects of the financial crisis.