PROJECT FOR A HOTEL HAS WON PROMOTION BANK'S CONTEST
The project designed by RMS OOD for the construction of the Regatta hotel at the Sunny Beach seaside resort worth BGN927,011 will get BGN650,000 from Promotion Bank. The interest on the loan is 2% lower than the average interest rate on long-term credits, granted by the bank system. The loan will be released after the firm ranked first in the contest, invited by the bank, and held from October 1, 2002 to March 31, 2003. Twelve projects were competing in it. A credit will be allocated also to Elpro - ES OOD, which ranked second. The interest of that BGN1.2MN loan will be 1% lower than the average interest rate on long-term credits. The money is earmarked for the construction of two small hydroelectric power stations on the Rashina river near the town of Sandansky. Last year Promotion Bank extended 28 loans of EUR3,337,000 and BGN5,271,000. By March 31, 2003 the allocated credits became 26, worth BGN22,733,000. The bank's pre-tax profit for 2002 totalled BGN1,462,000 (BGN1,113,000 after payment of due taxes). These results were reported at the annual meeting of shareholders on April 15. BGN501,000 will be set aside in the bank's Reserve Fund, and the balance of BGN612,000 will be divided in half as dividends to the shareholders (The Finance Ministr and DSK Bank) and as additional reserves. According to the banking statisticts, Promotion Bank rates fourth in terms of return on assests.