Bulgarian SMEs get 64M Euro Energy Efficiency Financing

THE European Bank for Reconstruction and Development (EBRD) is promoting energy efficiency in Bulgarian small and medium-sized enterprises by providing a line of credit to finance improvements.

Three leading Bulgarian banks – Postbank, Piraeus Bank Bulgaria A.D. and United Bulgarian Bank A.D. (UBB) – are handling the funding to support the local economy. The total amount of financing to be received by the three banks is €64 million.

The three banks will join the EBRD Bulgarian Energy Efficiency for Competitive Industry Finance Facility (BEECIFF), which provides financing to SMEs for energy efficiency investments eligible for grants under the government’s Green Economy Programme, which is supported by EU Structural Funds.

Nick Tesseyman, EBRD Managing Director, Financial Institutions, said: “We are pleased all three banks remain committed to supporting local small and medium enterprises in becoming more efficient and competitive.”

The funds are being provided under the Joint IFI Action Plan for Growth agreed between the EBRD, the World Bank Group and the European Investment Bank, in November 2012. The Action Plan covers the countries of central and south-eastern Europe, and pledges commitments of €30 billion for the period 2013-14.

Picture of downtown Sofia by Boby Dimitrov from Sofia, Bulgaria (Downtown Sofia) [CC-BY-SA-2.0], via Wikimedia Commons

Thursday 1st August 2013

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