site.bta European Investment Bank: Lending in Bulgaria Up by 126% in 2014 Y/Y

European Investment Bank: Lending in Bulgaria Up by 126% in 2014 Y/Y

Sofia, March 19 (BTA) - The European Investment Bank's (EIB)
lending in Bulgaria has increased by 126 per cent in 2014 up to
610 million euro, compared to 270 million euro in the previous
year, EIB Vice-President Laszlo Baranyay said during a news
conference here on Thursday, quoted by the EIB in a press
release. 

Baranyay described 2014 as an exceptional year for the EIB in
Bulgaria. "Our aim was to support priority projects receiving
grants from the European Union, thus increasing Bulgaria's
absorption of EU funds. Looking ahead, we will continue to
finance projects that improve the citizens' quality of life,
foster growth and job creation and increase the competitiveness
of the Bulgarian economy," the Bank's Vice-President said.

In 2014, the EIB granted a loan of 500 million euro to
co-finance priority projects backed by EU funds in Bulgaria over
 the 2014-2020 programming period. The EIB loan will fund the
national co-financing contributions under the "Transport"
(including urban transport) and "Environment" Operational
Programmes, supporting projects with a total investment cost of
more than 4 billion euro, the press release said.

The EIB stated that in 2014 it continued to support smaller
projects implemented by SMEs and midcap companies. It concluded
intermediated loans with three partner financing institutions
operating in Bulgaria for a total of 110 million euro. This
further improved the access of Bulgarian SMEs and municipalities
 to long-term financing, which has reached close to 1.2 billion
euro since 1990, when the EIB first started lending in Bulgaria.
 

Through the Joint Assistance to Support Projects in European
Regions (JASPERS), technical assistance for EU grant
applications has so far been provided to 80 projects in Bulgaria
 with an estimated total cost of some 5.2 billion euro (until
end-2014). Currently JASPERS supports 21 active projects in the
country with an estimated total cost of around 2.2 billion euro.
 Projects receiving support from JASPERS are primarily in the
water and waste as well as in the rail and road sectors, the
Bank said.
 
In 2015, the EIB Group will continue to support growth and
employment in Bulgaria with particular emphasis on the
identification and financing of projects to be supported under
the European Fund for Strategic Investments. The Bank will
launch new financial instruments in priority areas, including
for SMEs and the environment. Furthermore, it will support
investments in energy efficiency and strategic energy
infrastructure. In order to accelerate the absorption of EU
Funds in Bulgaria, the EIB will co-finance priority investments
under the 2014-2020 Programming Period, predominantly in the
areas of sustainable transport, water and environmental
protection. Finally, the Bank will contribute to improving the
access of SMEs and midcap companies to affordable long-term
finance, the press release said.

The EIB Vice-President noted the extensive work on the Juncker
Plan for strategic investments in EU countries, adding that the
European Parliament will likely adopt the rules for financing of
 such projects by the middle of 2015.

BTA's Brussels correspondent Nikolay Jeliazkov has contributed
to this story.