02.07.2021 BDB will mobilize another BGN 1.7 billion from the European budget for SME recovery and development

The bank stated to the EC its interest to participate in the InvestEU program

 

The Bulgarian Development Bank (BDB) officially stated to the European Commission that it wishes to attract additional funds for the recovery and development of small and medium-sized businesses through the European programme InvestEU. The common resources that the bank can mobilize with the support of the EU and with the participation of the financial sector are up to BGN 1.7 billion. The final approval for the inclusion of BDB in InvestEU is expected in October.

Late this May, the BDB conducted market research among potential financial intermediaries and organizations in the sector. The goal was to structure the most suitable guarantee product for the Bulgarian market under the EC programme. 

With the new guarantee product, the bank will mobilize public and private resources to increase access to funding of small and medium-sized enterprises in areas that the banks will consider as high-risk. This will help increase company competitiveness by stimulating enterprise capacity for digitalization, innovation, internationalization, and new sustainable technologies.

We expect to support over 3,260 small and medium-sized Bulgarian companies and to create at least 8,000 work places, with another 18,000 being preserved.

The InvestEU programme will be applied for the period 2021 – 2027 as a main tool for the EU to invest in economic recovery, ecological development, and employment in Europe. This is one of the mechanisms for support of post-Covid crisis growth and achievement of the EU goals to build an ecological, digital, and sustainable European economy.

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