Germany's state development bank KfW has extended a EUR 20 M credit line to Raiffeisenbank Bulgaria, controlled by Austria's Raiffeisen International.

The credit line, which is extended with the support of the European Union, will finance energy efficiency projects and small and middle-sized businesses in Bulgaria.

The credit line was signed under the Program for Energy Efficiency of the Bulgarian Industry and the Program for Small and Medium-Sized Enterprises.

Should they manage to successfully implement the project, the final users of the credit will receive a grant from the European Union totalling 15% of the credit.

This is the third credit line that KfW extends to Raiffeisenbank Bulgaria. Raiffeisenbank Bulgaria signed a EUR 10 M credit line with Germany's state development bank in 2004, which was increased by EUR 5 M following its successful implementation.

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