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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. (