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Greek-owned Piraeus Bank has announced a new credit line for supporting small and medium-sized enterprises in Bulgaria.
The EUR 40 M credit line of Piraeus Bank for Bulgaria comes under an agreement with the European Investment Bank for a total of EUR 120 M to provide credits to SMEs in Albania, Bulgaria, Romania, and Serbia.
The maximum credit amount for Bulgarian small and medium-sized enterprises under the new line is EUR 12,5 M, and the repayment period is between 2 and 10 years.
Under its deal with the EIB, Piraeus Bank is going to fund projects in industry, tourism, agriculture, healthcare, and education, as well as environmental initiatives.
The funds from the Piraeus credit may be used for purchasing technical equipment, developing new products, boosting a distribution network, acquiring patents, and medium and long-term turnover funding.
The new credit line of Piraeus Bank and the EIB administered by the Piraeus Group subsidiaries in the Balkans is a continuation of a previous credit line amounting to EUR 150 M allocated for SME credits in Greece.
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