EBRD, UniCredit Bulbank Sign EUR 50 M Loan for Bulgaria SMEs

Business » FINANCE | May 17, 2009, Sunday // 13:17
Bulgaria: EBRD, UniCredit Bulbank Sign EUR 50 M Loan for Bulgaria SMEs A pedestrian passes an office of UniCredit Bulbank in Sofia, Bulgaria 09 October 2008. UniCredit Bulbank is the biggest bank in Bulgaria. Photo by BGNES

Bulgaria's UniCredit Bulbank and the European Bank for Reconstruction and Development (EBRD) have sign an agreement for a EUR 50 M credit line, part of its funding for the crisis-hit region.

An agreement was signed on Saturday in London where the EBRD is holding its annual meeting.

The credit line will fund small and medium-sized enterprises, whose turnover does not exceed EUR 50 M and who have no more than 249 employees.

The loan will provide a flow of finance to the real economy in Bulgaria at a time of scarce alternative commercial funding, UniCredit Bulbank said in a statement.

James Hyslop, EBRD Director for Bulgaria, commented that the project is an important step towards giving opportunities to small and medium-sized companies for long-term investments.

The European Bank for Reconstruction and Development (EBRD) is making investments worth EUR 432.4 M in UniCredit subsidiaries across eight eastern European countries, as part of a joint effort to tackle the impact of the global economic crisis on the region.

"As the single biggest financial investor and the largest banking group in central and eastern Europe, the EBRD and UniCredit have a common purpose and special responsibility to this region to ensure the continuing flow of lending to the real economies in times of crisis and scarce external funding," said EBRD President Thomas Mirow.

 

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Tags: EBRD, UniCredit Bulbank
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