The International Finance Corporation (IFC) is extending a US$10mn credit line to SMEs in Bulgaria to help boost trade.
As part of its Global Trade Finance Programme (GTFP), the financing will be provided to United Bulgarian Bank (UBB), one of the country’s leading lenders, enabling the bank to grow its trade business and attract new clients in export-related industries.
“UBB and IFC have joined forces in an effort to encourage the sustainable development of import-export oriented companies in Bulgaria,” says CEO at UBB, Stilian Vatev.
UBB is the third Bulgarian financial institution to join the IFC’s GTFP. Commenting on the deal, the IFC’s regional head of industry in Europe, Central Asia, the Middle East and North Africa, Ed Strawderman, says: “The growth of export industries will be critical for Bulgaria to rebound fully from the euro zone crisis.”
“The partnership with UBB demonstrates our support for the country’s economic development by enabling SME enterprises to reach new markets through international trade.”