The Black Sea Trade and Development Bank extends credits to Bulgarian businesses to the amount of €200 mln

Lily Mircheva

“Our goal is to extend funding amounting to €40- 50 mln per year and, if the conditions are favourable, we will be able to achieve a €200 mln financing for the country within 4 years, which means we will double our portfolio in Bulgaria,” announced yesterday President of the Black Sea Trade and Development Bank (BSTDB) Andrei Kondakov. According to him, there are already projects in the energy sector, in the small and medium-size enterprises segment. The bank is exploring opportunities of working with leasing companies and potential financial intermediaries.

In the 11 years since its establishment, BSTDB has funded 23 projects in Bulgaria worth €211 mln, which is about 10% of its total loan portfolio. “Bulgaria has the third largest share in the bank's portfolio among the founding member-states of the institution,” said Mrs. Pencheva, Deputy Minister of Finance and Governor for Bulgaria.

“The minimum funding per project is €3 mln and the maximum reaches up to €40 mln. If there are candidates for smaller amounts, they can refer to financial intermediaries.” This is how Andrei Kondakov answered the question of Klassa what criteria have to be met for the projects of Bulgarian companies.

According to him, the strategy for Bulgaria until 2014 prepared by BSTDB will rely on specific projects in priority sectors such as energy, projects aimed at improving energy efficiency in particular, road infrastructure, and waste management, the development of small and medium-size enterprises.

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