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Guarantee Fund under RDP with Financial Resources of BGN 335 Million

Minister of Agriculture and Food Miroslav Naydenov and CEO of the Bulgarian Development Bank Assen Yagodin signed an agreement establishing a Guarantee fund under the Rural Development Programme.

With a loan of BGN 335 million resourses for the creation of the Guarantee Fund are secured, BGN 265 million of which must be reimbursed by the European Commission, while the rest is Bulgarian co-financing. It is expected that the guarantee fund to provide loans for BGN 1.3 milliard, which is the whole RDP financial resources by the end of 2013, the minister said. Credits will be awarded under Measure 121 "Modernization of agricultural holdings", Measure 122 "Improving the economic value of forests" and Measure 123 "Adding value to agricultural and forestry products." These are the most attractive and effective measures for beneficiaries, the Minister said and pointed out that Bulgaria expects notification from Brussels to transfer additional funds under Measure 121.

Director of the Bulgarian Development Bank Assen Yagodin informed that 80% of the loan will be covered under the guarantee scheme and only 20% by the beneficiary. These conditions are very soft in order as many beneficiaries to benefit, he said. SMEs are the focus of our bank, added Yagodin. Guarantee scheme of the Fund will end in 2015

By January 15, 2012 is the deadline for making the final parameters of guarantee schemes by 15 March bank partners will need to be chosen and by 15 April schemes have to be launched, Yagodin announced.

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