ANNOUNCEMENT 23 Nov 2016

On 23 November 2016, the EIB provided financing worth EUR 150 million (USD 162 million).

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

EIB, Project financing summary, 'Bdb Intermediated Loan for SMEs and Midcaps', 23 November 2016.
https://www.eib.org/en/projects/loans/all/20160229

EIB, Project summary, 'Bdb Intermediated Loan for SMEs and Midcaps', 23 November 2016.
https://www.eib.org/en/projects/pipelines/all/20160229

EIB, Financed projects list
https://www.eib.org/en/projects/pipelines/index.htm?q=&sortColumn=projectStatusDate&sortDir=desc&pageNumber=0&itemPerPage=25&pageable=true&language=EN&defaultLanguage=EN&yearFrom=2016&yearTo=2016&orCountries.region=true&orCountries=true&orSectors=true&orStatus=true

European Investment Bank. Press release. Bulgaria: EU supports SME and midcap projects through BDB – first EIB EFSI transaction in the public sector.
https://www.eib.org//en/press/all/2016-319-eu-supports-sme-and-midcap-projects-through-bdb-first-eib-efsi-transaction-in-the-bulgarian-public-sector

Inception date: 23 Nov 2016 | Removal date: open ended

Loan guarantee

The EIBs EUR 150 million (approx. USD 162 million) loan with Bulgarian Development Bank Ad signed on 23 November 2016 was backed by a guarantee from the European Fund for Strategic Investments (EFSI).

The EFSI is a joint initiative by the EIB and the European Commission to promote investment in Europe, acting as the main pillar of the Investment Plan for Europe. It provides first-loss guarantees enabling the EIB to invest in more and often riskier projects. The loan described above was issued under the EFSI and thus benefits from a full guarantee through the EU budget.

EFSI support does not fall under EU State Aid rules as it is meant as a tool to address 'market failures or sub-optimal investment situations'. However, the investment support does include favourable conditions in the form of public assumption of risk.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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Inception date: 23 Nov 2016 | Removal date: open ended

State loan

On 23 November 2016, the European Investment Bank (EIB) and Bulgarian Development Bank Ad signed an agreement worth EUR 150 million (approx. USD 162 million) for the project Bdb Intermediated Loan for SMEs and Midcaps from Bulgaria.

According to the project description issued by the EIB, Dedicated loan for the financing of small and medium-sized projects promoted by SMEs and Mid-Caps in Bulgaria or other EU member countries, if applicable..

The objective of the project is defined as following: Financing of small/medium projects carried out by SMEs and mid-caps.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

 
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