The EBRD will loan 500 mln euro to Bulgarian projects over the next 2 years as part of its new country strategy, bank president Jean Lemierre told a seminar in Sofia on Thursday, February 9.
The bank will target greenfield investment projects as well as projects to improve the competitiveness of small and medium-sized enterprises, said Lemierre.
The EBRD will also look for opportunities to increase investment in Bulgaria??™s tourism and real estate in partnership with private corporations and funds.
In 2005, the bank loaned 20 mln euro for the construction of the 5-star Kempinski Grand Hotel Hermitage in sea resort Zlatni Pyasatsi. The hotel is owned by investment fund Sigma Capital.
The EBRD has also loan-financed the Cayman Island-registered Orchid Developments which is investing in residential and office projects in Sofia.
The banks has conditioned the loan-financing for Bulgarian projects on transparency and the use of concession procedures and public-private partnerships