Tue, Feb 09 2010

Bulgaria's new Development Bank to boost capital to help SMEs - FinMin

Sun, Oct 19 2008 13:51 CET byClive Leviev-Sawyer 285 Views

Against the background of the global financial crisis, the capital of Bulgaria's new Development Bank will be increased by 50 million to 100 million leva to help provide loans to small businesses in the context of a more difficult lending environment, Finance Minister Plamen Oresharski said.

Oresharski was speaking on October 18 2008 at a seminar in the mountain resort town of Bansko on tax changes for 2009, Bulgarian National Radio and Bulgarian news agency BTA reported.

He said that while Bulgaria had not so far suffered because of the global financial turmoil, there should not be complacency.

The country would be affected indirectly, by a reduced flow of foreign capital, appreciation of loans and reduced economic growth.

Because of this, the access of small and medium enterprises to loans should be assisted, Oresharski said.

New credit lines would be negotiated with the European Investment Bank, he said.

Given the global financial crisis, Bulgaria would not be able to sustain the economic growth of the past few years, when it has been six per cent. The rate at which unemployment was dropping also would not be sustained, Oresharski said.

He said that excess of revenues over expenses in the state consolidated budget remained three per cent. For the time being, there were no preconditions to reduce the surplus, he said.

"Public investment will be about seven per cent of gross domestic product, and we count on it to support growth," Oresharski said.

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