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Jan 31, 2024 10:19 EEST
January 31 (SeeNews) - The European Investment Fund (EIF) said it has signed guarantee agreements with four Bulgarian banks, unlocking up to 2 billion euro ($2.2 billion) in funding for local small and medium-sized enterprises (SMEs) and green initiatives.
The EIF will extend the guarantees to Eurobank Bulgaria, operating under the Postbank brand, ProCredit Bank Bulgaria, UniCredit Bulbank and United Bulgarian Bank, it said in a statement on Tuesday.
The capped portfolio guarantees are backed by the InvestEU Member State Compartment for Bulgaria and the country's Recovery and Resilience Plan (RRP).
The SME competitiveness guarantee will allow banks to offer preferential loans focused on improving the resilience and productivity of small and medium businesses, whereas the sustainability guarantee will support climate action, energy efficiency and renewable energy investments by SMEs and housing associations.
"Today’s agreements will empower small and medium businesses to expand and modernise their operations, contributing towards a greener future,” EIF chief executive Marjut Falkstedt said.
In November, EIF launched the 180 million euro Recovery Equity Fund of Funds of Bulgaria, part of the country's RRP Smart Industry component, focused on equity financing for innovation, infrastructure and growth of Bulgarian businesses.
($ = 0.9220 euro)
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