PROCREDIT BANK RECEIVED ANOTHER EUR6MN
ProCredit Bank will get a credit line of EUR6MN from the Black Sea Bank for Trade and Development, the contact for which was signed on February 24. The loan is intended for financing small and medium-sized enterprises in Bulgaria and will be extended at two even tranches. Its term is three years, but there is a possibility for extending it by 24 months.This is the fifth credit line to be received by ProCredit Bank. The financial institution has so far used EUR5Mn from the US Government, USD4MN from the International Financial Corporation (IFC), which is within the World Bank's group, EUR5MN from Kreditanstalt fuer Wiederaufbau (KfW) under a programme of the European Union (EU) and EUR4.1MN from the German Government.Since its opening on October 15, 2001 ProCredit Bank has allocated almost 8,500 credits to the Bulgararian entrepreneurs, worth a total of EUR51MN-plus. Defaults on them are elss than 0.05 per cent.Due to the great interest towards its credit products and banking services, the financial institution opened a new branch office in Veliko Tirnovo and credit offices is Pernik, Kurdjali, Assenovgrad and Kazanluk in the beginning of 2003.