First Investment Bank

Location:

Bulgaria

Project number:

2790

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

22 Oct 1996

Status:

Completed

PSD disclosed:

18 Sep 1996

Project Description

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.

Transition Impact

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.

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

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.

Project Cost

US$ 4 million (ECU 3.2 million). All project costs financed by the EBRD.

Environmental Impact

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.

Technical Cooperation

None.

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.