Bulgarian Small, Medium Enterprises to Get EUR 20 M from International Investment Bank

Bulgarian small and medium-sized enterprises will get EUR 20 M in seven years from the Moscow-based International Investment Bank (IIB).

Bulgaria, which is an IBB shareholder, is one of the initiators of change to the IBB's financial strategy envisaging special-purpose lines of credit for national development banks, according to reports of the Bulgarian National Radio (BNR).

Ventsislav Stefanov, head of the Treasury Operations Department at the IIB, explained Saturday that the step would provide access to Bulgarian producers to an affordable credit resource of EUR 20 M via the Bulgarian Development Bank.

He said that with the active assistance of the Finance Ministry, the Bank would offer and sustain deals related to the development of SMEs on Bulgarian territory and also participate directly in investment projects by entering into the companies' capital.

Stefanov added that the Bank would also cooperate with partner banks in the implementation of its investment plans for supporting the Bulgarian economy.

The International Investment Bank was founded in 1970 by countries of the former Council for Mutual Economic Assistance.

The IIB's current shareholders are Bulgaria, Slovakia, the Czech Republic, Romania, Vietnam, Cuba, Mongolia, and Russia.