SOFIA (Bulgaria), January 24 (SeeNews) - State-owned Bulgarian Development Bank (BDB) said on Monday that it will provide working capital financing of 20 million levs ($11.6 million/10.2 million euro) to support micro-, small and medium-sized companies in the rose processing sector.
The bank will offer direct loans of up to 1 million levs with a term of up to 3 years, a simplified funding scheme, and minimum collateral requirements, it said in a press release.
Bulgaria's rose oil industry, a traditional business for the country, has been facing difficulties leading to the accumulation of large stocks of rose oil in recent years. Some of the reasons are competition of producers from neighboring countries, the weakened interest in high-end cosmetics and perfumery due to the COVID-19 pandemic as well as pro-inflationary pressures, BDB said.
(1 euro = 1.95583 levs)