Commercial Bank Allianz Bulgaria joins EU/EBRD SME finance facility
The EBRD is lending Commercial Bank Allianz Bulgaria euros 5m to support the development of local small- and medium-sized enterprises (SMEs)
The EBRD is lending BGN19.6m to Societe Generale Expressbank for on-lending to SMEs
Bulgaria will reduce the Value Added Tax (VAT) rate from the current 20% to 18% from 2007 under the new VAT bill, which the government has proposed to be enforced from 1 January 2006.
The European Bank for Reconstruction and Development (EBRD) will extend a Ђ10m euro credit line for funding small- and medium-sized enterprises (SMEs), located in the country's remote regions.
The base interest rate (BIR) valid as from February 1 to February 28, 2005, has been set at 1.89 per cent, the Bulgarian National Bank (BNB) announced.
Within the next two years, Bulgarian banks will have to design internal guidelines for the assessment of the credit risk exposure to small- and medium-sized enterprises (SMEs).
Bulgarian commercial bank Unionbank said it had signed a Ђ5.0m (US$6.6m) credit line agreement with the Black Sea Trade & Development Bank (BSTDB) that will allow it to provide financing to small- and medium-sized enterprises (SMEs).
Raiffeisenbank Bulgaria received a Ђ10m credit line to finance the small- and medium-sized enterprises (SMEs). The funds are provided by Germany's Kreditanstalt fuer Wiederaufbau (KfW) with the support of the European Union.