January 11 (SeeNews) - Raiffeisenbank Bulgaria said on Thursday it signed a 150 million euro ($180 million) loan guarantee agreement with the European Investment Fund (EIF) for backing small and medium-sized enterprises (SMEs) in Bulgaria.
This financing is provided through the EU programme for the competitiveness of small and medium-sized enterprises, COSME, and the European Fund for Strategic Investments, EFSI, set up under the Investment Plan for Europe, Raiffeisenbank Bulgaria said in a statement.
The agreement follows another guarantee deal for 100 million euro signed in 2016, the bank added.
"The upturn in the economy in recent years has increased the investments of Bulgarian businesses, which leads to increased demand for financing. Thanks to our EIF agreements under the three programs - COSME, InnovFin and the SME Initiative, which amount to more than 350 million euro, we will provide financing to Bulgarian small and medium-sized enterprises," Oliver Roegl chairman of the executive board of Raiffesenbank Bulgaria said in the statement.
EFSI is an initiative launched by the EIB Group and the European Commission to to help overcome the current investment gap in the EU. It aims to mobilise private investment in projects which are strategically important for the EU.
($=0.8321 euro)