The social development bank in Europe


The CEB takes action in support of Bulgarian SMEs

18 November 2009

PARIS - The Bulgarian Development Bank (BDB) represented by Mr. Tchakalski, Executive Director, and the CEB, represented by Mr. Tarafás, Vice-Governor, have signed a new loan contract worth 15 million euros.

Having been one of the first international financial institutions to grant financing, in 2003, to the BDB (former Encouragement Bank), the CEB is today continuing its effort in support of small and medium sized entreprises (SMEs) in Bulgaria. 

This new credit line will enable the BDB to grant loans directly to Bulgarian SMEs, which currently employ almost 80% of the country’s workforce. 

It is expected that some two thousand new jobs will be created in the manufacturing, agro-food, tourism and services sectors.

The BDB, a specialised credit institute, was created in April 2008 after the adoption of a special law entitled “Law on the Bulgarian Development Bank”. Its purpose is to support the Bulgarian economy by encouraging the development of SMEs and by facilitating their access to financings in order to create and preserve jobs.

Since the country’s accession to the CEB in 1994, 14 projects have been approved in Bulgaria for an accumulated amount of 167.5 million euros.

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