EBRD lends Bulgaria's MKB Bank €5 mln for energy efficiency
The European Bank for Reconstruction and Development (EBRD) inked a deal to extend Bulgarian bank MKB Unionbank a credit line worth €5 million ($6.8 million) to help local industries reduce emission levels and boost energy efficiency.
It builds up on a previous €3 million ($4 million) extended to MKB Unionbank in 2004, which helped nine private industrial business cut energy waste, the banks said in a joint statement on Monday. This project reflects the European Bank for Reconstruction and Development's strong emphasis on supporting Bulgaria's efforts in the development of an energy efficiency program, which was one of the conditions for Bulgaria's accession to the EU, EBRD director for Bulgaria, James Hyslop, said.
The development bank originally allocated €50 million ($68 million) for six participating banks as part of its energy efficiency program, which was supplemented by an additional €55 million last year. MKB Unionbank, part of German banking group Bayern LB, had assets worth BGN 700 million at the end of April. EBRD is a minority shareholder in Unionbank. (novinite.com)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.