PROCREDIT BANK PROMISES BGL600MN IN CREDITS
ProCredit Bank intends to launch credits amounting to over BGL600MN for the development of microbusiness, small and medium-sized enterprises within five years. On June 6, 2001, an agreement for its setting up is signed in Frankfurt by the International Financial Corporation - part of the World Bank Group, the European Bank for Reconstruction and Development, the International Microinvestment Fund, Kommerzbank and the German Agency for Investment and Development (DEG). Till the end of the month the co-founders will apply all the documents needed for issuing of banking licence to BNB. All the five financial institutions will own equal stakes of 20% of the bank's capital which size will come up to BGL12MN.
ProCredit Bank will start real crediting of the small business at the beginning of September at the earliest, is specified in the press-release of the future credit institution. It is added that the bank plans to launch about 50,000 credits, each of them not exceeding EUR125,000.
The amount of BGL600MN to be launched by ProCredit Bank in form of credits is absolutely unbelievable, no matter that it will take a period of five years to fulfil the promise. There is no bank with similar portfolio in Bulgaria.