SOFIA (Bulgaria), September 26 (SeeNews) – The European Investment Bank (EIB) said on Monday it is lending 30 million euro ($33.7 million) to Allianz Bank Bulgaria to finance investment projects and working capital of small, medium-sized and larger enterprises in the country with preferential interest rates and maturities of up to 12 years.
"This loan is in line with the EIB’s priority of improving the access of SMEs and mid-caps to affordable financing, as this sector represents the engine of the Bulgarian economy in terms of economic growth and job creation. At the same time, the EIB funds will address the situation of young people in Bulgaria facing high unemployment, providing them with better life prospects," Flavia Palanza, EIB's director for lending operations in Central and Southeastern Europe, said in a statement.
The loan is designed to foster the creation of job opportunities for young people aged under 25 in the framework of a programme aiming to diminish youth unemployment.
"Supporting Bulgarian enterprises is among the major priorities in the business of Allianz Bank. The funds granted by the EIB will help Allianz Bank meet the growing demand for short, medium and long-term funding from local companies in the current challenging market conditions," Georgi Zamanov, executive director of Allianz Bank Bulgaria, said in the statement.
Allianz Bank Bulgaria, majority-owned by Germany’s Allianz Group, offers full range of banking services and has a network of more than 100 branches and representative offices in the country. Allianz Bank Bulgaria was the 11th largest lender in the country in terms of assets as of end-July.
($= 0.8891 euro)
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