Bulgarian Investment Bank PLC
MIGA issued $3.7 million in coverage to Commercial Bank of Greece, S.A. for its $1.4 million equity investment in Bulgarian Investment Bank PLC (BIB), the only investment bank in Bulgaria. MIGA's guarantee covers the risks of transfer restriction, expropriation, and war and civil disturbance.
Established in 1994 by the European Bank for Reconstruction and Development and a group of Bulgarian and foreign banks, BIB provides medium- and long-term financing to private sector companies and companies undergoing privatization, financial advisory services, investment funds management, and arrangements for foreign funding for large projects. Employees will be trained in management systems and standard banking computer software packages. Most of the equipment requirements for the bank will be sourced locally.