European Investment Bank (EIB) Group

European Investment Fund (EIF) signs а new pilot guarantee instrument in #Bulgaria with three banks (Unicredit Bulbank, United Bulgarian Bank and ProCredit Bank (Bulgaria) to support the fastly growing documentary finance activity in the country.

It will make possible to channel EUR 200m to Bulgarian SMEs and small MidCaps to support 4,500 businesses.

Following the agreements, the three partner banks will finance Bulgarian small enterprises and small mid-caps with documentary credit lines like letters of credit, payment guarantees, advance payment guarantees, performance bonds and other.

EIF guarantee will cover 50% of the credit risk in each credit line free of charge up to 25% cap of losses in the portfolio.

The Ministry of Economy of Bulgaria and the EIF have decided to launch this pilot guarantee product using reflows under the Joint European Resources for Micro to Medium Enterprises (#JEREMIE) initiative in Bulgaria.

The cooperation of European Investment Bank (EIB) Group with the banking sector in Bulgaria has proved extremely positive over the last ten years. It covers a wide spectrum of risk-sharing and lending products that have been successfully implemented for the benefit of more than 10,000 Bulgarian small enterprises until today.

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