Council of Europe Dev Bank Oks EUR 25 M for Bulgaria's SMEs

The first project is worth EUR 20 M with the Bulgarian Development Bank (BDB). File photo

The Administrative Council of the Council of Europe Development Bank has approved two projects in Bulgaria, aimed at providing financing for SMEs in order to promote job creation and growth.

The first project is worth EUR 20 M with the Bulgarian Development Bank (BDB) and will make long-term resources available for productive investments by private entrepreneurs.

The other is worth EUR 5 M with the Societe Generale Expressbank and aims to facilitate access to bank credit for SMEs.

The Bulgarian Development Bank (BDB) has provided BGN 500 M for funding small and medium-sized enterprises (SME) since its establishment in 2008.

By April 2010, commercial banks have repaid 452 loans amounting to BGN 71 M. 365 of these loans were given to agriculture producers, the other 96 – to SMEs.

The Bulgarian Development Bank AD is the successor of Encouragement Bank set up in 1999. The latter was transformed into a development bank after the adoption of a special law by the Parliament of Bulgaria in April 2008.

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