Brussels, 05/01/2009 (Agence Europe) - The European Investment Bank (EIB) is to lend €25 million in CIBANK Bulgaria (part of the KBC Group) to finance the projects of small and medium-sized enterprises (SMEs) and municipalities in Bulgaria.
This new loan provided by the EIB is the first operation with CIBANK and represents further extension of the EIB's network of partner banks in Bulgaria. It is also part of an expansion of the EIB's support for SMEs at EU level in response to the current crisis. In order to accelerate this, it also includes the simplification of the reporting of intermediated loans and the broadening of their scope by providing higher funding possibilities and also covering the intangible aspects of investments. In addition, mechanisms are being introduced to ensure the transfer of the advantage of EIB funds to the final beneficiary.
EU funds will finance small and medium-sized projects in Bulgaria in the areas of industry, services, tourism, energy, energy saving, infrastructure - including health, education and urban renewal - environmental protection and the knowledge economy.
Under the same loan, CIBANK will also participate in the Municipal Finance Facility, a special scheme combining EIB loans with EC grants. (O.L./transl.jl)