The Council of Europe Development Bank (CEDB) and Raiffeisenbank-Bulgaria signed a 20 million euro framework agreement on March 5 for the financing small and medium-sized enterprises. The funds will be used for financing investment projects in a bid to create new jobs and boost the development of small and medium-sized enterprises.

The Council of Europe Development Bank will provide up to 50% of the financing and the rest will be provided by Raiffeisenbank-Bulgaria. It will be granted at favourable interest rates to SMEs with up to 75 million euros in assets and 500 employees. The credit line will be absorbed in three tranches.

(NewsBase 9.iii.04)