IIB to extend €20 mln to Bulgarian businesses

The International Investment Bank (IIB), based in Moscow, will extend a loan of €20 mln to Bulgarian small- and medium-sized businesses, announced BNR. The credit resource will be allocated for a period of seven years.

“As a shareholder in the IIB, Bulgaria was among the initiators of a change in its financial strategy, projecting the allocation of target credit lines to the national development banks. Thus, Bulgarian producers will have access to its advantageous credit resource of €20 mln through the Bulgarian Development Bank,” said Ventsislav Stefanov, Head of IIB’s Treasury Operations.

According to him, with the active support and cooperation of the Ministry of Finance, the Bank will support deals connected with the development of SMEs in Bulgaria, but will also directly participate in investment projects by participation in companies’ equity. IIB will cooperate and seek partner banks in Bulgaria when implementing its investment plans for supporting the Bulgarian economy.

IIB was established in 1970 by the countries of the former Council for Mutual Economic Assistance. At present, its shareholders are: Bulgaria, Slovakia, the Czech Republic, Romania, Vietnam, Cuba, Mongolia and Russia.

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