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Raiffeisenbank Bulgaria in EUR 57.8 mln loan guarantee deal with state-run Fund of Funds

Banking

Raiffeisenbank Bulgaria, a unit of Austria-based Raiffeisen Bank International, said on Thursday it signed a BGN 113 million (EUR 57.8 million) loan guarantee agreement with the Bulgaria's state-run Fund of Funds (FoF) to support the liquidity needs and projects of small and medium-sized enterprises (SMEs) hit by the coronavirus crisis.

The deal benefits from financing under EU's operational program Innovations and Competitiveness 2014-2020, the lender said in a statement cited by news portal SeeNews. The agreement will allow Raiffeisenbank Bulgaria to offer loans at preferential interest rates and relaxed collateral requirements, with the option to provide interest subsidy within a year.

The FoF will guarantee up to 80% of the value of personal loans. 

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