Project number:


Business sector:

Depository Credit (banks)

Notice type:


Environmental category:


Approval date:

20 May 1997



PSD disclosed:

16 Apr 1997

Project Description

Subscription to newly issued shares of First Investment Bank Ltd., representing 20 per cent of the Bank's capital in an amount not in excess of US$ 6 million (ECU 5.2 million).
The principal objectives of the project are to:
  • increase FIB's capital base, thus further improving its capital adequacy and anticipating the Bulgarian National Bank's requirement for increased minimum capital for licensed banks;
  • increase FIB's funding resources in its continued transformation towards a full-service universal bank;
  • enable FIB to develop its loan portfolio, increase its term lending to private enterprises, and raise its single obligor limits;
  • encourage international banks to open up their lending exposure limits to FIB and to Bulgarian banks in general.

Transition Impact

The EBRD will be promoting private enterprise and Bulgaria's transition towards a market-oriented economy, as FIB will use the proceeds of its capital increase to lend to its private sector clients. Furthermore, the project strengthens a healthy bank in an otherwise less than stable banking sector.

The Client

First Investment Bank (FIB), founded in 1993, is 100 per cent privately owned. The client's objective is to become a full-service corporate bank catering for the emerging private sector in Bulgaria.

EBRD Finance

The EBRD will subscribe to newly issued shares of FIB representing 20 per cent of FIB's capital.

Project Cost

The aggregate subscription price will not be in excess of US$ 6 million (ECU 5.2 million).

Environmental Impact

FIB will carry out its operations in accordance with the EBRD's Environmental Procedures for Local Banks. In implementing these procedures, FIB will require its borrowers to comply with national/local health, safety, environmental and public consultation requirements. FIB will submit annual environmental reports to the EBRD.

Technical Cooperation


Company Contact


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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