The European Investment Bank (EIB) and Bulgarian Development Bank (BDB) are joining forces with a €175m loan to improve access to finance for small and medium-sized enterprises (SMEs) and mid-caps across Bulgaria.
BDB will work with commercial banks as intermediaries or will directly pass on the advantageous conditions of the EIB loan to SMEs and mid-caps, which are the backbone of the Bulgarian economy. SMEs represent 98 per cent of the companies in Bulgaria and account for about 60 per cent of the economic value added and 75 per cent of employment, well above the European Union average. The Bulgarian government has approved state guarantees for the loan.
