- EBRD provides €60 million loan to Bulgaria’s ProCredit Bank
- Proceeds to finance green projects in Bulgaria, Greece
- Projects to work towards climate mitigation, sustainable solutions
The European Bank for Reconstruction and Development (EBRD) is providing €60 million to Bulgaria’s ProCredit Bank to finance investments that mitigate climate change impacts and promote environmental resilience.
The proceeds of the loan will be allocated for on-lending to green projects in Bulgaria and Greece, including, among others, projects on energy efficiency, renewable energy and climate resilience measures.
The loan will expand ProCredit Bank Bulgaria’s green lending activities, and will accelerate both countries’ transition towards greener, sustainable economies.
Procredit Bank Bulgaria has been a pioneer in green financing in Bulgaria, committed to activities aimed at protecting the environment, improving energy efficiency and reducing the ecological footprint. Established in 2001 by an alliance of international development-oriented investors, ProCredit Bank Bulgaria is now solely owned by ProCredit Holding, based in Frankfurt am Main (Germany), and maintains its key target as small and medium size enterprises.
Melis Ekmen Tabojer, EBRD’s Head of EU Banks & Structured Finance, has welcomed the partnership, saying: “We are pleased to be building on our successful track record with ProCredit Bank. Over the last few years, we witnessed the devastating impacts of the climate crisis in Greece and in Bulgaria, and we are confident that this loan, which prioritizes green projects, will contribute towards mitigating that impact, and accelerate the journey towards a sustainable future for both countries.”
“Our strategic partnership with the EBRD allows us to provide continuous, regular support to small and medium-sized enterprises with appropriate financing solutions. The new loan agreement together with our in-house expertise and experience will help Bulgarian and Greek companies become more competitive and innovative in the context of today’s rapid-paced green transition”, said Rumyana Todorova, Member of the Management Board and Executive Director of ProCredit Bank.
The EBRD is a leading institutional investor in Bulgaria, with a cumulative investment of €4.5 billion in over 287 projects in the country. The Bank’s focus in the country remains as enhancing the private sector’s competitiveness, strengthening the financial sector and narrowing the infrastructure gap.