US$ 4 million bank-to-bank loan in the form of a credit line for on-lending principally to private sector enterprises.
The principal objectives of the project are to:
- provide FIB with additional medium-term funding for on-lending to the corporate sector;
- enhance FIB's funding requirements in its continued transformation towards a full-service universal bank;
- encourage international banks to open up their lending exposure limits to FIB and to Bulgarian banks in general;
- improve FIB's asset and liability management and to enable the bank to undertake more medium-term lending without creating a maturity mismatch between assets and liabilities.
The private sector is estimated to account for around 40 per cent of Bulgaria's gross national product. The project will help private enterprises gain the debt and equity resources that they require to modernise, expand and maximise their commercial potential.
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.
Bank-to-bank loan in the form of a credit line for a term of four years for on-lending principally to private sector companies.
US$ 4 million (ECU 3.2 million). All project costs financed by the EBRD.
C/0: The project does not require an environmental analysis or an environmental audit. Sub-projects will be financed in accordance with the EBRD's environmental procedures for transactions financed through local banks.
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