February 22 (SeeNews) - The European Investment Bank (EIB) said on Thursday it has signed an intermediated loan agreement of 30 million euro ($36.9 million) with Raiffeisen Leasing Bulgaria to finance projects of small and medium-sized enterprises and mid-cap companies.
"Improved access to long-term financing strengthens the competitiveness of recipient companies that employ 1.5 million Bulgarian citizens and create two thirds of the value added of the Bulgarian economy," EIB vice-president Vazil Hudak said in a statement.
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The loan will allow Raiffeisen Leasing Bulgaria to better address the needs of SMEs and mid-caps, which are the backbone of the Bulgarian economy, the EIB added.
"So far, the Raiffeisenbank (Bulgaria) Group and the EIB have signed global loan transactions for 160 million euro for the bank and the leasing company," Dobromir Dobrev, deputy CEO of Bulgaria's Raiffeisenbank, said.
"Under this last agreement with the EIB, through Raiffeisen Leasing Bulgaria, we will provide new lease financing in BGN and EUR for a wide range of customers for purchases of equipment, trucks and trailers, light commercial vehicles and passenger car fleets, etc.” Dobrev added.
Around 150 companies operating in agriculture, manufacturing, transportation and storage are expected to benefit from the deal.
($ = 0.8135 euro)