MICROCAPITAL BRIEF: EBRD Loans $5.7m to United Bulgarian Bank for Residential Energy Efficiency

The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, recently loaned USD 5.7 million to the United Bulgarian Bank (UBB), a unit of the National Bank of Greece, for investments to improve the energy efficiency of residential buildings in Bulgaria. The loan is provided as part of EBRD’s Residential Energy Efficiency Credit Line (REECL), a facility serving Bulgaria that was “established by the EBRD in 2005 and extended twice due to strong market demand.”

Betsy Nelson, Vice President and Chief Risk Officer at EBRD, commented, “We are pleased to extend new financing and technical assistance to our long-standing partner United Bulgarian Bank. With its strong market position, committed team and a country-wide network, UBB will be instrumental in providing finance for much-needed energy efficiency improvements in the housing sector.”

In 2015, EBRD invested EUR 9.4 billion (USD 10.7 billion) in 381 projects in 34 countries and reported total members’ equity of EUR 14.6 billion (USD 16.6 billion). In 2015, UBB reported USD 3.8 billion in total assets and USD 716 million in total equity. In 2015, the National Bank of Greece reported total assets of USD 114 billion.

By Jason Wei, Research Associate

Sources and Additional Resources

About the European Bank for Reconstruction and Development (EBRD)

The European Bank for Reconstruction and Development (EBRD) is a multilateral institution headquartered in London, England. The bank began operations in 1991 upon the agreement of 40 countries, and it is owned by 65 countries as well as the European Investment Bank and the European Union as of 2016. It aims to finance operations that are both commercially viable and assist development in Eastern Europe, Central Asia and North Africa. It does this by providing debt securities, equity investments, guarantees and technical assistance to micro- and small businesses via commercial banks and non-bank microfinance institutions (MFIs). EBRD invested EUR 9.4 billion (USD 10.7 billion) in 381 projects in 34 countries during 2015.

About the United Bulgarian Bank (UBB)

Established in September 1992, United Bulgarian Bank (UBB) is a Bulgaria-based commercial bank that is part of the National Bank of Greece financial group. In 2015, UBB reported USD 3.8 billion in total assets and USD 716 million in total equity.

[1] EUR 5 million loan to United Bulgarian Bank for Residential Energy Efficiency, http://www.ebrd.com/news/2016/5-million-loan-to-united-bulgarian-bank-for-residential-energy-efficiency.html

MicroCapital Universe Profile: European Bank for Reconstruction and Development

MicroCapital Universe Profile: United Bulgarian Bank

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