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Loan to support SME and MidCap projects, youth in Bulgaria

Staff Writer |
The European Investment Bank (EIB) is lending EUR 30 million to finance investment projects and working capital of small, medium-sized and larger enterprises.

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EIB supports with preferential interest rates and maturities of up to 12 years in Bulgaria. The loan is designed to foster the creation of job opportunities for young people aged under 25 in the framework of the Jobs for Youth Initiative.

The loan agreement was signed by Flavia Palanza, EIB, Director for Lending Operations in Central and South Eastern Europe, and Georgi Konstandinov Zamanov, Member of the Management Board and Executive Director and Dorcho Ilchev, Еxecutive Director of Allianz Bank Bulgaria AD.

“Supporting Bulgarian enterprises is among the major priorities in the business of Allianz Bank. The funds granted by the EIB will help Allianz Bank meet the growing demand for short, medium and long-term funding from local companies in the current challenging market conditions.

“I am confident that we will be able to finance good projects with funds under the programme, creating added value to the Bulgarian economy and new employment capacity”, said Mr. Zamanov.

Palanza stated: “This loan is in line with the EIB’s priority of improving the access of SMEs and Mid-Caps to affordable financing, as this sector represents the engine of the Bulgarian economy in terms of economic growth and job creation. At the same time, the EIB funds will address the situation of young people in Bulgaria facing high unemployment, providing them with better life prospects.”


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