Банкеръ Weekly

Briefs

EUR717,000 PREFERENTIAL CREDIT RELEASED BY PROMOTION BANK

The Sofia-based company Max Prodis OOD has won the national contest for the best investment project, invited by Promotion Bank and the Agency for Small and Medium-Sized Enterprises (ASMEs). Twenty three firms took part in the contest, which began on June 10. The award for the winner was a preferential credit (to be allocated by the bank at more advantageous terms than the standard ones).The partners in Max Prodis OOD - the Bulgarian citizen Muhsin Jabar and his Belgian partner Axel Kudron (representing the interests of Construction Development and Investment AD), won by a project for a production line for cosmetics. The total investment for its realization is BGN2MN, EUR717,180 of which will be a credit from Promotion Bank.The loan is for ten years, including a 12-month grace period. The interest rate on the credit is floating and as agreed it will be 2 points below the average interest rate for long-term credits in the local bank system, published in BNB's reports on the basis of information from commercial banks about the price at which they lend investment loans to their clients. The usual annual interest rate on them is within 9.50 - 12 per cent.

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