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The project concerns a guarantee for an existing portfolio of loans and leases to small and medium-sized enterprises (SMEs) and MidCaps, supporting Allianz Bank Bulgaria's lending expansion in this market segment, with a particular focus on projects that support green objectives.
The aim is to increase the availability of finance for projects carried out by the target beneficiaries in the industry, agriculture, and services sectors. The project contributes to the EIB's SME Lending priority and the Climate Bank Roadmap, thereby supporting EU policy objectives. It has a 25% Climate Action share and is eligible under Article 309, points (a) (projects for developing less-developed regions) and (c) (projects of common interest).
The project contributes to the Bank's lending priority objectives on SMEs, as well as climate action (transversal). Through an intermediated approach, the Bank will reach small and mid-size projects promoted by SMEs and MidCaps, which could not be done directly. In addition, the operation supports the financial intermediary's sustainability strategy, increasing its lending in the sector. The project addresses a number of market failures: From the existing and further widening financing gap stemming from higher interest rates for SMEs, the gap in long tenor financing for Climate Action projects. EIB is providing innovative significant risk transfer solution at adequate pricing terms and longer maturities. The EIB's contribution will be most visible on the financial contribution side by capital relief and potentially crowding in other financiers. The operation will support energy efficiency and small renewable energy projects and thus is expected to contribute towards the reduction of the Energy intensity of the Bulgarian economy, which is currently one of the highest in the EU, driven by the share of heavy industry and limited energy efficiency.
The proposed operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.