Bulgarian Development Bank Provides Lv 20 Mln in Support of Rose Oil Producers

Bulgarian Development Bank Provides Lv 20 Mln in Support of Rose Oil Producers

January 24 (BTA) - The Bulgarian Development Bank (BDB) is launching a new programme, Support for Rose Oil Producers, aimed to help save the traditional for Bulgaria business, the Economy Ministry said Monday. The bank will continue to support SMEs in various sectors, Innovation and Growth Minister Daniel Lorer said at a joint briefing with Agriculture, Food and Forestry Minister Ivan Ivanov and BDB executive directors Vladimir Georgiev and Tsanko Arabadzhiev.

The bank will provide working capital facilities for micro-, small and medium-sized rose oil distilling enterprises facing serious problems and reduced liquidity.

The programme is worth 20 million leva. Direct credits from 100,000 up to 1 million leva at an interest of 3.7 or more, depending on the credit rating and security, will be provided for a period of three years, an eased funding scheme and minimal security requirements, including rose oil as collateral.

Supporting distressed micro-, small and medium-sized tourism businesses is part of the BDB Group's updated strategy, Lorer said, aimed particularly at stepping up economic growth and opening jobs after the COVID-19 crisis.

"BDB is an important partner of the Ministry of Agriculture regarding the National Sustainable Development Plan and the interventions planned under the CAP Strategic Plan related to Bulgaria. Bulgarian agricultural producers can feel protected in the next programme period 2023 - 2027 before the submission of the National Strategic Plan," Minister Ivanov said./DT/BR

Source: Sofia