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    Raiffeisenbank Finances Energy Efficiency Projects of Bulgarian SMEs


    Raiffeisenbank (Bulgaria) EAD finances projects of small and medium sized enterprises (SMEs) under the Energy Efficiency and Green Economy Programme – a joint initiative of the Ministry of Economy, Energy and Tourism and the European Bank for Reconstruction and Development (EBRD). The Programme aims to help the Bulgarian companies to reduce the harmful effects on environment and to increase their energy efficiency and competitiveness. The funds will be allocated for investments in energy saving technologies and projects for energy renewable sources used for the companies’ own consumption.
    Within the initiative, loans will be extended to SMEs (as per the Bulgarian Law) registered under the Trade Act or in accordance with the Cooperatives Act, with less than 250 employees, an annual turnover of up to BGN 97.5 million and/or an asset value of no more than BGN 84 million.
    The grant scheme component under the programme is provided by The Ministry of Economy, amounting to EUR 150 million and it will be disbursed when the investments in energy efficiency improvements of the enterprises have been completed successfully. EBRD has approved a EUR 150 million credit line for the participating banks, which will finance eligible projects. The grant amount depends on project type and is capped at 50% of the eligible costs on each project. The grant funds will be managed and reimbursed by the Ministry of Economy, Energy and Tourism.

    Raiffeisenbank (Bulgaria) is one of the participating banks under the programme and has signed an agreement with the EBRD. It will finance SMEs, which plan to implement energy efficient projects under the programme. As a participating bank, Raiffeisenbank (Bulgaria) will also evaluate the credit capacity of the SMEs applying for grant financing, when the SME finances the project with its own funds and it also provides financing for the implementation of the projects.


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