EIB, Bulgaria's UniCredit Bulbank to back COVID-hit businesses

The European Investment Bank said it signed with Bulgaria's UniCredit Bulbank, part of Italian banking group UniCredit, a EUR 60 million guarantee agreement that is expected to unlock new loans of nearly EUR 200 million to support Bulgarian businesses suffering from the economic impact of the COVID-19 pandemic.

The operation, backed by the European Guarantee Fund, enables UniCredit Bulbank to support small and medium enterprises (SMEs), mid-caps and large corporates by providing affordable loans to finance working capital, additional liquidity needs, or ongoing and new investments and expansion plans, the EIB said in a statement.

The financing will be available to companies across Bulgaria operating in sectors in line with the EIB's mission and objectives, including innovation, environment, and support for SMEs, according to the statement.

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