BULBANK ENHANCED SME SUPPORT - EGF ABS FLP

Projektträger – zwischengeschaltetes Finanzinstitut

UNICREDIT BULBANK AD

Ort

• Bulgarien

Beschreibung

Operation under the European Guarantee Fund (EGF) aimed to support small and medium-sized enterprises (SMEs) in Bulgaria. The EIB will guarantee the first loss piece (FLP) tranche of a synthetic securitisation of a portfolio of loans and/or leases originated by UniCredit Bulbank. The operation is expected to facilitate the access to finance of SMEs and mitigate the negative economic effects of the COVID-19 pandemic.

Additionality and Impact

The proposed transaction consists of an EGF operation, in the form of a first loss piece guarantee on an SME and Midcap portfolio originated by UniCredit Bulbank AD (Bulgaria) in order to support new lending to SMEs. Bulbank is well-known to the Bank, one of the three systemic banks in Bulgaria. The quick mobilisation of SME financing is strategic considering their high contribution to the country's growth and employment. The proposed operation addresses a market failure related to SMEs access to finance in the aftermath of the Covid-19 pandemic and the war in Ukraine. The operation is expected to mitigate the financial constraints for this market segment and help viable companies to sustain their economic recovery and to relaunch their business activity severely hit by the pandemic. The operation also supports the strengthening of the EU's economic, social and territorial cohesion by tackling the disparities in the regional development and by helping companies located in the less developed regions to grow there. EIB contribution is notable as it offers a guarantee for a subordinated (junior) tranche (novel product in the market). The EIB participation will have a positive signalling effect to the market and reduce risk perceptions. 

Ziele

EGF guarantee instrument to support new lending to SMEs.

Sektor(en)

• Durchleitungsdarlehen - Durchleitungsdarlehen

Vorgeschlagene EIB-Finanzierung (voraussichtlicher Betrag)

EUR 90 million

Gesamtkosten (voraussichtlicher Betrag)

EUR 920 million

Umweltaspekte

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Auftragsvergabe

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Projektstatus

Unterzeichnet - 29/06/2022