BSTDB Continues its SME Support Program in Bulgaria

Press Release | 12-Sep-2003

The BSTDB will provide the Bulgarian American Credit Bank (BACB) with a EURO 10 Million Medium Term SME Loan for the purpose of on-lending to small and medium enterprises in Bulgaria.

BACB will use the facility to provide structured lending to established dynamic small and medium enterprises operating in sectors that are leading the economic recovery in Bulgaria such as value added food processing, tourism, consumer goods and distribution.

The operation strengthens the BSTDB effort to improve the availability of funds for SME financing in Bulgaria, following the earlier BSTDB credit lines extended to Bulgarian Procredit Bank and Unionbank, as well as its participation in the Investment Fund for South Eastern European Small and Medium Enterprises.

Bulgarian - American Credit Bank (BACB) was established in 1996 and is fully owned by the Bulgarian - American Enterprise Fund, a not-for-profit U.S. corporation. BACB has developed a successful banking business in pursuit of its goal to provide the Bulgarian private sector with funding to support the growth of SME's in different sectors of the economy. BACB has pioneered the long-term SME and mortgage lending in Bulgaria and currently has a loan portfolio of Euro 90.0 million and capital base of Euro 27.5 million.

Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. With an authorized capital of SDR 1 billion (approx. Euro 1,3 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in public and private sectors in its member countries. Since the commencement of operations in 1999, BSTDB's Board of Directors has approved over 50 operations totaling over USD 500 million.