ProCredit Bank Bulgaria and EBRD sign agreement to strengthen Bulgarian SMEs

ProCredit Bank is stepping up its support to small and medium sized enterprises (SMEs) in Bulgaria with EUR 50 million loan provided from the European Bank for Reconstruction and Development (EBRD).

ProCredit Bank has earned an excellent reputation as a reliable partner for SMEs which are considered to be the key pillar to positive economic development in South Eastern and Eastern Europe. The funding is being provided for on-lending to SMEs at a time when availability of funding is crucial to support economic growth in Bulgaria. Under the project, ProCredit Bank and the EBRD have aimed to improve the access to a long-term finance for SMEs across the country.

ProCredit and the EBRD have been partners for many years providing long-term funding for the development of small and medium-sized enterprises. Earlier this year the EBRD acquired a 3.6 per cent stake in ProCredit Holding, the parent company of the development-oriented ProCredit group, which consists of banks for small and medium-sized enterprises

Announcing the new loan during a visit to Sofia, EBRD President Suma Chakrabarti said: “We expect the Bulgarian economy to continue growing in the coming years. This will require greater access to finance to help businesses grow locally and expand abroad. Fully dedicated to small and medium-sized businesses, ProCredit Bank has been our strong, long-standing partner in the region and we are pleased to strengthen our cooperation in Bulgaria.”

“This is an encouraging signal to the small and medium-sized businesses in Bulgaria. The signing of today’s contract also reflects the shared principles and the joint commitment of both institutions to promoting growth and employment by supporting small and medium-sized enterprises,” said Rumyana Todorova, Executive Director of ProCredit Bank (Bulgaria).