site.btaEUR 65 Mln to Go to Innovative Businesses in Bulgaria and Slovakia under EIF-CIBANK Agreement

EUR 65 Mln to Go to Innovative Businesses in Bulgaria and Slovakia under  EIF-CIBANK Agreement

Brussels, September 30 (BTA) - The European Investment Fund (EIF) and CIBANK have signed a guarantee agreement to enhance access to finance to innovative small and medium-sized enterprises (SMEs) and mid-caps in Bulgaria and Slovakia, the European Commission said Friday.

The new agreement will allow CIBANK to provide loans at favourable terms to innovative SMEs and mid-caps for two years. EIF's guarantee is provided under the EU InnovFin finance for Innovators initiative with the financial backing under Horizon 2020, the EU Framework Programme for Research and Innovation.

The EU's support for innovative Bulgarian and Slovakian companies under this transaction is expected to generate a portfolio of EUR 65 million of loans.

This is the fourth such umbrella-agreement targeting multiple countries under InnovFin.

The European Investment Fund is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses by helping them to access finance.

CIBANK as part of Belgium KBC Group is one the most active Bulgarian banks working on the implementation of financial instruments to support the business. It is the first participator in the Juncker Plan in Bulgaria.