Extension #2 Launch Event

More Funds Available to Bulgarian Investors through EBRD
 Local Partner Banks for Sustainable Energy Investments
Additional EUR 55 million allocated under the second extension of the
 Bulgarian Energy Efficiency and Renewable Energy Credit Line
On 31st March 2009, DAI/EnCon Services Ltd. on behalf of the European Bank for Reconstruction and Development (EBRD) have launched the Second extension of operational phase of the Bulgarian Energy Efficiency and Renewable Energy Credit Line (BEERECL) in Radisson SAS Grand Hotel.

The launch event was opened from Minister of Economy and Energy Peter Dimitrov. Official speeches were presented from EBRD Director for Bulgaria James Hislop, Chairman of the Energy Committee in the National Assembly Ramadan Atalay, Zoltan Kiss – EBRD, Marko Esposoto – Director Corporate and International Banking in UCB, Stefan Vasilev – Director Small and Medium Business and Special Programs in UBB. 

The new extension of the credit line is based on the successful implementation of the EUR 100 million financing facility so far and will comprise of additional EUR 55 million made available to Bulgarian companies through local financial institutions.  The EBRD funds are complemented by the Kozloduy International Decommissioning and Support Fund (KIDSF) grant funding which provides support to overcome barriers still faced by sub-borrowers in developing, financing and implementing such investments. 

Discussions are currently taking place with potential participating banks. To date United Bulgaria Bank and UniCredit Bulbank have agreements with EBRD to participate in the credit line.