EIB Supports 1st Youth Employment Projects in Bulgaria Through CIBANK

The European Investment Bank (EIB) is providing a credit line of EUR 50 million to CIBANK JSC to finance projects implemented by SMEs and Mid-Caps. This is the first EIB loan in Bulgaria focused on the creation of job opportunities for young people under 25 years of age under the Jobs for Youth initiative.

CIBANK JSC is the first bank in Bulgaria with which the EIB has joined forces in the framework of the EIB’s youth employment programme "Skills and Jobs – Investing for Youth”. The funds provided will support companies offering vocational training /internships/training programmes for young people or cooperating with a technical college, school or university to employ young people.

This EIB loan is designed to help improve the situation of young people in Bulgaria, who face a high unemployment rate of some 28%, and provide them with better life prospects. At the same time it will strengthen the position of the SME and Mid-Cap sector, which is the engine of the Bulgarian economy in terms of economic growth and the creation of new working opportunities.

This operation is building on the successful cooperation between the EIB and CIBANK. It represents the 5th credit line between the two institutions. Three of these are active EIB loans outstanding totalling EUR 90 million to CIBANK. All previous loans have been successfully allocated to supporting firms in the Bulgarian SME and Mid-Cap sector.

Source: EIB/balkans.com