SOFIA, March 9 (Xinhua) -- The European Investment Bank Group provided nearly 300 million euros (373 million U.S. dollars) of new loans, guarantees and equity investment in Bulgaria in 2017, officials said here on Friday.
The support of the group, which consists of the European Investment Bank (EIB) and its subsidiary, the European Investment Fund (EIF), reached some 0.59 percent of Bulgaria's gross domestic product, EIB Vice-President Vazil Hudak said at a press conference.
EIB loans totalled 250 million euros, while 49 million euros were provided by the EIF to facilitate the investments of small businesses to support their growth and competitiveness, he said.
A loan of 56 million euros was granted to finance the expansion of the Sofia subway, he said. Another 100 million euros were lent to a private company in the veterinary pharmaceutical sector, and 31 million euros to finance the construction of a new sunflower oilseed production plant.
Meanwhile, the bank concluded 40 million euros of intermediated lending with two EIB partner financing institutions in Bulgaria, further improving the access of country's SMEs and municipalities to EIB financing.
The total cumulative EIB lending commitment in Bulgaria amounted to 5.1 billion euros since the launch of the bank's operations in the Balkan country in 1992.
"For a quarter of a century, the EIB has assisted Bulgaria with reducing regional disparities and increasing competitiveness by financing critical infrastructure and small and medium-sized enterprises," Hudak said.