Ebrd To Grant 100 Million Euro For Big Projects In Bulgaria

The European bank for reconstruction and development (EBRD) will allot around 100 million euro for big projects in Bulgaria. This announced Anton Kobakov, senior banker in the credit institution during a meeting with representatives of the German-Bulgarian industrial - trade chamber.The overall sum, with which the bank will support the Bulgarian business is 250 million euro. The remaining part of the funding will be absorbed by the small and medium enterprises through the Bulgarian banks. A priority will be given to projects related to the increase of the energy efficiency, the introduction of renewable energy sources and information technologies. Usually the local banks get credit lines from EBRD, which they grant in the form of target credits, reminds Dnevnik.bg.Only companies with big projects can apply for direct funding from the bank. The received credit should be at least 10 million euro with this being 35% of the project for which the company applies. This year priority will be given to support for the enterprises to overcome the consequences of the world economic crisis. "So far we offered mainly investment credits, but now we will help the companies to secure circulation funding", explained Kobakov.The approval of a direct credit from the bank takes around 3 months. The company needs to present a business plan for the development of its project. After it's being approved, there are negotiations for its granting and the conditions under which the loan is given are defined. "The volume of the granted crediting is not as important as the fact that we will improve the flexibility of our financial instruments", explained the EBRD representative Maxim Kakareka.