This EUR 15m loan is the third EIB operation with ProCredit in Bulgaria40% of the loan is dedicated to projects with a climate action component
The European Investment Bank (EIB) lends EUR 15m to ProCredit Bank Bulgaria to co-finance small and medium-scale investments in the country. 40% of the intermediated loans are dedicated to renewable energy, energy efficiency, low carbon transport and waste management projects.
Thanks to the EIB loan, Bulgarian companies with fewer than 3 000 employees will benefit from better access to long-term financing provided at favourable terms.
“Support to cohesion regions and the fight against climate change are strategic priorities of the EU bank,” said EIB Vice-President Lilyana Pavlova. She continued: “The EIB, in cooperation with our well-established partner ProCredit Bank, will sustain employment in Bulgaria, strengthen the competitiveness of the private sector and support the fight against climate change. Our joint efforts will stimulate sustainable growth and investments in Bulgaria, fostering economic convergence, increasing the number of qualified jobs and ultimately improving the living conditions of European citizens.”
“ProCredit Bank is a pioneer in offering specialised green and energy efficiency loans, including financing for renewable energy generation, and has devoted significant efforts to encouraging investments of this kind. By doing this we have accumulated in-house expertise and experience, and have positioned ourselves as the bank of choice for green loans – among both businesses and providers of funds. The signing of today’s contract reflects the shared principles and goals of both institutions, as well as our joint commitment to promoting growth and employment by supporting small and medium-sized enterprises”, said Reni Peycheva, Member of the Management Board and Executive Director of ProCredit Bank (Bulgaria).
This is the third operation since the start of the EIB’s cooperation with ProCredit Bank in 2011. The EIB has already provided two intermediated loans to the bank, thereby helping to finance small and mid-sized businesses in Bulgaria.
Background information:
The European Investment Bank (EIB) is the European Union's bank. It is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. It makes long-term finance available for sound investments in order to contribute towards EU policy goals. The EIB works closely with other EU institutions to implement EU policy. As the world’s largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects which contribute to furthering EU policy objectives. More than 90% of EIB activity is focused on Europe but the Bank also supports the EU's external and development policies.
ProCredit Bank (Bulgaria) EAD was founded in October 2001 by an alliance of international development-oriented investors. Today, the bank's sole owner is ProCredit Holding, based in Frankfurt am Main (Germany). ProCredit Holding is the parent company of the development-oriented ProCredit Group, which consists of commercial banks for small and medium enterprises (SMEs) and whose main operational focus is on South-Eastern and Eastern Europe. The primary remit of ProCredit Bank EAD is to support the development of SMEs and to foster a favourable environment for the growth of the Bulgarian economy.
Press contacts:
Dušan Ondrejička, d.ondrejicka@eib.org, tel.: +352 4379 83334, mobile: +352 621 459 234
Website: https://www.eif.org/news_centre/press_releases/index.htm
Press Office: +352 4379 21000 – press@eib.org
ProCredit Bank (Bulgaria) EAD:
Nataliya Naydenova
tel.: 02/ 8135 103; mobile: +359 887 89 14 77
Website: http://www.procreditbank.bg/