EBRD, UniCredit Bulbank Sign EUR 50 M Loan for Bulgaria SMEs
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.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » Bulgaria: The Economy Grew by nearly 5% before the Start of Summer
- » Annual Inflation in Bulgaria for July Jumped above 17%
- » The Average Salary in Bulgaria is BGN 1,730 (EUR 884) in the Second Quarter of 2022
- » How to Launch a Small Business in Today’s Economic Climate
- » "Economist": A Recession in Europe is Inevitable, Bulgaria will be among the Most Affected
- » Bulgaria: Already in the Autumn we will see the first Increases in Interest Rates for New Loans