site.btaBulgarian Development Bank to Receive EUR 50 Mln Credit Line from China Exim Bank

The Bulgarian Development Bank (BDB) will receive a EUR 50 million credit line from the China Exim Bank (Export-Import Bank of China) to finance Bulgarian businesses, BDB reported. The term of the loan is 5 years, and the agreed funds will be used to support Bulgarian enterprises, including the financing of commercial operations. The financial parametres of the contract were not disclosed.

This is the second financial agreement between the Bulgarian Development Bank and the China Exim Bank after the one concluded in 2017, which was successfully implemented. The cooperation between the two institutions started in 2014 with the signing of a framework agreement for financial cooperation, which provides for joint financing of key projects or areas.

China's Exim Bank is a state-owned financial institution founded in 1994. Its main focus is to support China's imports and exports, assist local companies in implementing their overseas projects, and promote international economic cooperation and trade.