International Investment Bank has opened a credit line for the Bulgarian Development Bank in order to finance projects supporting small and medium-sized business in the Republic of Bulgaria. The given agreement was signed by the Chairman of the Board Nikolay Kosov and the Chief Executive Officer of BDB Assen Yagodin in Moscow. The ceremony was also attended by the Extraordinary and Plenipotentiary Ambassador of Bulgaria to the Russian Federation H.E. Mr. Boyko Kotzev. The credit of EUR 20 million was given for the period of seven years. The funds can be subsequently used for lending to sub-borrowers as well as for financing the programmes offered by Bulgarian banks in order to support small business.

Nikoly Kosov emphasized the fact that the credit for Bulgaria was the first to receive approval from the IIB’s Board within the frames of its new credit policy, which had been established by the Board last November and which was aimed at the development of the partnership with national development institutions of the member states.

The Bulgarian Ambassador to the Russian Federation H.E. Mr. Boyko Kotzev expressed his contentment that «the Bulgarian economy is receiving practical support from the IIB». He also pointed out that the support of small business is a priority for the Bulgarian government in social and economic policy. The head of the IIB thanked the Bulgarian Ambassador for his attention to the IIB’s activity and his active assistance in the bank’s partnership relationship with Bulgarian financial institutes.

The head of BDB Assen Yagodin noted the comfortable conditions of the loan offered for the Bulgarian party — «we consider every new opportunity in order to develop our programes, and our partnership with the IIB brings perspectives for the efficient support of Bulgarian entrepreneurs. I am sure that today’s agreement is just the first step».

After the agreement was signed, the delegation of the BDB and the managers of the IIB exchanged their opinions on the subject. The members of the Board of the Bank communicated to the other party of the changes that are taking place in the Bank, about the promising role of the IIB as a link between the national development banks of the member states. The managers also informed the members of the delegation of the opportunities in the face of the Russian partners of the Bank. The Bulgarian colleagues described the current state of Bulgarian banking, shared their experience of microlending to small businesses and their relationship with West European development institutes. Following the results of the meeting, the IIB and BDB defined the next stages of the partnership and ways of their implementation.