EBRD and Société Général expand ties

SOFIA

The European Bank for Reconstruction and Development (EBRD) has extended its cooperation with the Société Générale Group in Bulgaria by providing a financing package of up to 85 million euros.

A loan of up to 75 million euros, structured in three tranches, is extended to Société Générale Expressbank AD, a report on the EBRD website said by the end of last month. The funds will be provided under a “Partnership for Growth” program and will support the bank’s strategic objectives over the next three years for continued strong lending across customer segments with a particular focus on SMEs and the pursuit of growth on a sustainable basis. Société Générale Expressbank pays particular attention to the financing of the SME segment and this programme will expand further the bank’s lending capacity.

A further 10 million euro loan is provided to Société Générale Expressbank’s leasing company Sogelease Bulgaria EOOD. The proceeds of the loan will be used to provide medium- and long-term funding to Bulgarian SMEs, specifically for medical and agricultural equipment, light commercial vehicles, trucks and trailers. “The country and the region continue to face a challenging economic environment and the EBRD is eager to support all efforts to speed up economic recovery,” Jean-Marc Peterschmitt, Managing Director at the EBRD, responsible for Central and South Eastern Europe, said at the signing. “We will use the EBRD funds to boost lending activities across sectors,” Maria Rousseva, deputy CEO of Société Générale Expressbank, said.