Send to Kindle
The EIB, a European Union sponsored development lender, will provide EUR 440 M of financing to SMEs via four subsidiaries of Erste Group. File photo
The European Investment Bank has agreed to extend EUR 440 M to four units of Austria-based Erste Bank to finance loans to small and medium sized companies in Central and Eastern Europe, including Bulgaria.
EIB, a European Union sponsored development lender, will provide the financing via four subsidiaries of Erste Group: Ceska Sporitelna, Erste Bank Oesterreich, Erste Bank Hungary and Immorent.
With Erste Bank, the EIB will lend EUR 200 M through Ceska Sporitelna, Erste Bank's Czech subsidiary, and EUR 40 M through Erste Bank Hungary. It will also lend EUR 100 M through Erste Bank's Austrian network. A further EUR 100 M will be provided through Erste's Immorent leasing unit to borrowers in the Bulgaria, Czech Republic, Hungary, Slovakia, Poland, Romania, Slovenia and Austria.
The agreement will facilitate SMEs' access to medium and long-term financing on advantageous financial terms, thus helping them to cushion the impact of the current global downturn, the bank said in a statement.
"This lending operation is the European Investment Bank's contribution to the coordinated effort involving other international financial institutions - the European Bank for Reconstruction and Development and the World Bank - to provide up to EUR 24.5 B to support investment by SMEs, which has been hit by the global economic crisis in Central and Eastern European," EIB Vice-President Matthias Kollatz-Ahnen commented.
"The EIB will contribute EUR 11 billion to this package, mainly in the form of lending to SMEs via banking partners," he added.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Amid growing concerns over security threats posed by Russian aggression, Bulgaria and a coalition of 13 other European Union countries have urged the European Investment Bank (EIB) to bolster defense financing
Former Minister for the Bulgarian Presidency of the EU Council Lilyana Pavlova has been appointed vice president and a member of the Management Committee of the European Investment Bank, BNR reports.
The European Fund for Strategic Investments will provide financial assistance of BGN 10 million for 320 micro-enterprises in Bulgaria, announced the European Commission.
Chief Prosecutor Sotir Tsatsarov has signed a Memorandum of Understanding between the Prosecutor's Office of the Republic of Bulgaria and the European Investment Bank (EIB) to strengthen cooperation and exchange of information between the two institution
The construction of the gas link between Bulgaria and Greece is expected to start in the beginning of 2018, stated interim Energy Minister Nikolay Pavlov in Azerbaijan.
The European Investment Bank (EIB) has said it has approved EUR 7.3 B in loans for investment across Europe and around the world.
As Bulgaria inches closer to potential entry into the Eurozone, a closer examination of the nation's banknote circulation provides valuable insights into its monetary landscape
In a recent report by the National Statistical Institute, Bulgaria's annual inflation rate for March witnessed a notable deceleration, settling at 3% compared to the previous month's figure of 3.0%
As Bulgaria grapples with a deepening political crisis and the looming specter of early elections, the economic ramifications are starkly evident
Bulgaria's aspirations to join the Eurozone in 2025 face significant hurdles as economic slowdown and political uncertainty pose formidable challenges, according to a recent analysis by the World Bank
Many Bulgarians living and working abroad are actively purchasing properties in their homeland
In a significant move toward Bulgaria's integration into the Eurozone, the European Commission (EC) has pledged support for the country's efforts to promote the adoption of the euro
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
