The EBRD and BSMEPA will Cooperate in Supporting Small and Medium-sized Businesses

Opportunities and directions for cooperation in support of small and medium business were discussed at a meeting on Thursday by Dr Boyko Takov, Executive Director of the Executive Agency for Promotion of Small and Medium-sized Enterprises (BSMEPA) and Larisa Manastirli, Director of the European Bank for Reconstruction and Development / EBRD / for Bulgaria. Miroslav Stoyanov, Manager of Small Business Support Group for SME Finance and Development, participated in the talks at the Bulgarian EBRD office.

The EBRD is an international financial institution that supports projects in over 30 countries in Eastern Europe, Central Asia and the Mediterranean. From 1993 until the end of last year, the bank has funded 252 projects in Bulgaria with a total value of invested funds of nearly EUR 3.9 billion. A specific place in the EBRD portfolio is dedicated to the support of small and medium-sized enterprises in the countries in which they operate, including Bulgaria.

At the meeting, Dr. Takov highlighted the benefit that small and medium-sized businesses would have in Bulgaria from the partnership between BSMEPA, which is closest to the companies in Bulgaria and the EBRD, which has a significant tool to support their development.

The EBRD expressed willingness to cooperate, stressing that they have a special program to finance small and medium-sized companies in need of funds to develop their business. Financial support, which can take the form of full financing and co-financing of projects. The Bank also offers consulting services, expertise in various fields and more.

BSMEPA can make a significant contribution to raising awareness among SMEs about the funding opportunities and other services that the EBRD can provide them, Dr. Takov noted.

The...