October 12 (SeeNews) - Majority state-owned Bulgarian Development Bank (BDB) has signed a deal for a 8.0 million euro ($11.8 million) credit line with the Black Sea Trade and Development Bank (BSTDB) aimed to boost the operations of small and medium-sized enteprises (SMEs), BDB said.
Loans will be provided for working capital and export and pre-export financing of industrial and agricultural SMEs in Bulgaria, BDB said in a statement late on Sunday.
The credit line is the second one that BSTDB provides to BDB which so far has used over 13 million euro in financing extended by the Black Sea lender, BDB said.
BDB (www.bdbank.bg), in which the state holds a 99.97% stake, is the successor of Encouragement Bank which was renamed last year to indicate it will function as an export-promoting development bank.
BSTDB (www.bstdb.org) is an international financial institution supporting economic development and regional cooperation in the Black Sea region. In the SEE area it currently has operations in Bulgaria, Romania and Albania.
($ = 0.6789 euro)