US Citibank Proposes to Co-fund Bulgarian Businesses on EU Projects

The US Citibank plans an extension of its activity in Bulgaria and support for Bulgarian business through co-financing of projects under the EU programmes. This became clear following a meeting between Bulgarian Economy Minister Bozhidar Lukarski and Hollis Hart, Head of International Franchise Management at the bank's headquarters in New York. Lukarski stated that one of the most serious problems faced by Bulgarian enterprises was the lack of adequate support on part of the banks for the co-financing of projects, realised under the EU programmes. This is the reason for prosperous businesses to give up the application process, Lukarski added. The two discussed the possibilities for the provision of special bank products, which could aid Bulgarian business in the application process and the realisation of projects under EU programmes.