SOFIA (Bulgaria), November 26 (SeeNews) – The fund of funds (FoF) managed by the Bulgarian state and the local First Investment Bank (Fibank) [BUL:FIB] has agreed to launch a line of credit exceeding 70 million levs ($ 40.1 million / 35.8 million euros) for farmers and small and medium-sized enterprises (SMEs) in rural areas, announced on Friday the Ministry of Agriculture.
The line of credit will be financed to the tune of 38 million levs under the EU’s 2014-2020 rural development operational program, while Fibank will provide the balance, the agriculture ministry said in a statement.
The soft loans, up to 2 million levs each, will have a repayment term of ten years.
Agricultural producers and SMEs in rural areas will be able to benefit from the loans until December 31, 2023. The financing should support agricultural and non-agricultural activities in rural areas that increase the competitiveness of the sector, promote social inclusion and support development. sustainable. .
FoF’s main activity is the structuring and management of financial instruments co-financed by the European Structural and Investment Funds during the 2014-2020 programming period.
Fibank is the fifth largest lender in terms of assets in Bulgaria, according to central bank data at the end of September.
(1 euro = 1.95583 lev)
First Investment Bank AD is one of the largest banks in South East Europe. For more references, take a look at the Top 100 Banks