BSTDB, the National Guarantee Fund to promote € 75 million financing for Bulgarian SMEs
SOFIA (Bulgaria), December 7 (SeeNews) – The Black Sea Trade and Development Bank (BSTDB) and the Bulgarian National Guarantee Fund (NGF) have signed a framework agreement to support small and medium-sized enterprises (SMEs) and companies by offering guarantees to the country’s commercial banks, said the BSTDB.
The deal is expected to promote some 75 million euros ($ 84.7 million) in new financing, as well as help around 250 local SMEs cope with the negative impact of the pandemic on their businesses, the bank said. in a press release Monday.
Given the abundant liquidity available to the Bulgarian financial sector, guarantees to commercial banks are a viable and practical alternative to support economic activity, increasing BSTDB’s presence and its impact on development in Bulgaria, the bank added.
BSTDB, headquartered in Thessaloniki, Greece, is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. The bank supports economic development and regional cooperation by providing loans, lines of credit, equity and guarantees for projects, as well as trade finance in the public and private sectors of its member countries.
($ = 0.8858 euro)