|
EBRD intensifies support for Bulgarian SMEs
Postbank receives new credit line for on-lending to private entrepreneurs
The European Bank for Reconstruction and Development (EBRD) is providing a €25 million credit line to Postbank* for on-lending to Bulgarian small and medium-sized enterprises (SMEs). The loan comes under the EU/EBRD SME Finance Facility and will be complemented by grant support from the EU to include technical assistance support.
The EBRD and Postbank have been partners since 2003 when the EBRD granted the bank a €15 million mortgage line. More recently Postbank also became a partner in the Residential Energy Efficiency Framework and the Energy Efficiency and Renewable Energy Framework.
Postbank has identified the SME sector as one of the key areas for its future growth. The loan is intended to enable Postbank to provide mid-term financing of up to €125,000 per client to SMEs, mainly for investment purposes. The facility will allow Postbank to develop a better SME product offering, attract new SME clients and extend the maturity of the funding provided.
James Hyslop, EBRD Director for Bulgaria, said the loan will contribute to the successful establishment and development of local SMEs by providing easier access to finance and better services. The EBRD especially welcomes Postbank’s initiative to expand lending to SMEs through tailor-made products for the sector and strengthening the quality of the services offered to this market segment.
Postbank is very pleased to continue and further expand our partnership with the EBRD, said Anthony Hassiotis, CEO and Member of the BoD of Postbank. SMEs are of the utmost importance for the continued robust growth and development of the Bulgarian economy. We are confident that this partnership will be of great benefit to Bulgarian SMEs to whom we will continue to provide flexible financing solutions.
The EU/EBRD SME Finance Facility, a joint programme of the European Commission and the EBRD, supports the development and growth of SMEs by facilitating their access to finance.
Under the programme, the EBRD will make available funding of EUR 1,350 million, of which EUR 1,206.5 million has been committed to signed projects to date. The EC has contributed EUR 180.75 million in grant financing since the launch of the programme in 1999.
The EBRD is one of the largest investor in Bulgaria with over EUR 1.6 billion committed to projects across the country. Working with its many partners, the Bank has mobilised more than EUR 5.9 billion for projects in Bulgaria.
*Postbank, legally named Eurobank EFG Bulgaria AD, is a member of Eurobank EFG Group.
Eurobank EFG Group is an international banking organization with total assets of over €72.2bn. The Group employs more than 22,000 people and offers its products and services both through its network of over 1,500 branches and points of sale and through alternative distribution channels.
In the wider region of Southeastern and Central Europe (New Europe), Eurobank EFG Group ranks among the top banks in all countries where it has an established presence, namely Bulgaria, Romania and Serbia. Since 2006, Eurobank EFG Group has also entered the markets of Poland, Turkey, Ukraine and Cyprus. Eurobank EFG has so far invested more than €2.0 billion in New Europe.
Eurobank EFG is a member of EFG Group, the third largest banking group in Switzerland, following UBS and Credit Suisse. Eurobank EFG is also among Greece’s largest listed companies by market capitalization and enjoys a wide shareholder base of over 210,000 shareholders.
More information about Eurobank EFG can be found at www.eurobank.gr.
|
