Minister Stoycheva: The partnership with the EIF underlines our commitment to improving the economic development of Bulgaria

The long-standing partnership with the European Investment Fund underlines the government's commitment to improving Bulgaria's economic development. The Ministry of Innovation and Growth sees the financial instruments within the Recovery and Sustainability Plan as the next step on this successful path. These efforts are a key step towards a sustainable and prosperous future for Bulgaria. This was stated by the Minister of Innovation and Growth, Milena Stoycheva, at the signing of guarantee agreements in the amount of BGN 300 million between the European Investment Fund and four Bulgarian banks. The financing is for a green transition and sustainable growth of small and medium enterprises in our country.

According to Minister Stoycheva, these guarantees will not only encourage investments for actions in the field of climate, but also strengthen the sustainability and competitiveness of Bulgarian business. She emphasized that since the beginning of the mandate of the JEREMIE program, the cooperation with the EIF has been a cornerstone in the transformation of the Bulgarian economy.

Within the framework of the Guarantee for the competitiveness of small and medium-sized enterprises (in the amount of BGN 150 million), banks will provide loans on preferential terms to small and medium-sized enterprises to help strengthen their sustainability and increase their productivity against the background of economic uncertainty. The sustainability guarantee (also in the amount of BGN 150 million) will be aimed at investments in climate action, energy efficiency and renewable energy by small and medium-sized companies and housing associations to support the transition to a green economy.

We remind you that the MIG entrusted the EIF with the implementation of the financial instruments from the PVA in the amount of BGN 660 million, signing agreements for the management of equity and debt investments in December 2022. In November, one financial instrument was launched - Capital Fund for Reconstruction and Development, which will support Bulgarian business with BGN 360 million for innovation and infrastructure.

"Thanks to the excellent cooperation with the Bulgarian authorities and the banks that are our partners in the country, the EIF was able to launch real financing from these guarantee instruments in record time. Today's agreements will enable small and medium-sized enterprises to expand and modernize their operations and contribute to a greener future," commented EIF Director of Financial Programs Vincent Van Stinsel.

The signing of the financial instruments should unlock new bank financing in the amount of up to 2 billion euros to support the sustainable growth and competitiveness of small and medium-sized enterprises and will contribute to the green transformation of the Bulgarian economy.