Key link in the food chain
Around the world, much more money is spent on medicines for humans than for animals. But animal medicines are an important link in the food safety chain. They help prevent infections and address many other health issues, such as flea and tick infestations, rabies, diabetes and cancer.
Petia Manolova, an EIB economist, realised how important animal medicine and health supplements are recently when her cat was not its normal, playful self. She took the cat to the veterinarian, who said her loyal friend had to take medicine and get some rest.
“I was standing at the veterinarian’s counter, looking at the names of all the companies making animal medicines and realising that I now know a lot of these medicines, and they are all so important for the lives of animals,” says Manolova, who also helped with the loan for Biovet.
Demand for better farm medicines
Biovet has more than 2,000 employees. It will add over 200 jobs in rural areas of Bulgaria with the new loan. Without this financing, the company would have had to delay its expansion and, therefore, wouldn’t immediately meet a global rise in demand for better animal medicines.
The company has several plants around Bulgaria. It will build two new facilities using the EIB loan: a new fermentation factory to make nutritional supplements and medicines for animals and humans, and a facility to make animal vaccines. The fermentation facility will be located in Peshtera in southern Bulgaria, 120 kilometres southeast of the capital, Sofia. The vaccine plant will be in Razgrad in northeast Bulgaria.