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November 21, 2009

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Home » Business » Finance

Banks eye financing of projects jointly

THE Export-Import Bank of China, one of the country's three policy lenders, and Bulgarian First Investment Bank plan to finance projects together, FIBank said yesterday.

FIBank, the sixth-biggest bank in the European Union country, said it would become an agent of Exim Bank in Bulgaria under a signed partnership deal, the first of its kind between a Bulgarian and a Chinese bank.

"The two banks will support their operations and will fund together projects of mutual interest in Bulgaria, China and other countries," FIBank said in a statement.

The bank, one of the few in the Balkan country which is not a unit of a foreign lender, did not provide details. More than 85 percent of the 29 banks operating in Bulgaria are foreign owned, mainly by EU-based lenders.

Exim Bank, which has total assets of 59 billion euros (US$87.7 billion), is one of the key tools of the world's third-largest economy to finance imports and exports of Chinese machinery and equipment, FIBank said. Bulgaria hopes fresh capital inflows from Asia could spur growth.


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