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MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

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Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Our Impact Dropdown Description

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Our Products Dropdown Description

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Projects Dropdown Descriptions

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Bulgaria

HVB Bank Bulgaria EAD

$23.32 million
Financial Services
Project Brief
Not Active
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MIGA recently provided Bank Austria Creditanstalt AG with a €23.8 million guarantee for its €25 million shareholder loan to HVB Bank Bulgaria EAD. The loan will allow HVB Bulgaria to further expand the financing it provides to Bulgarian companies. MIGA's coverage is for a period of up to eight years and provides protection against the risk of transfer restriction.

The project is consistent with Bulgaria's broader development strategy, supported by the World Bank Group, which focuses on the promotion of competitive private sector-led growth. MIGA's support will help HVB Bulgaria provide additional medium-term financing to businesses, especially small and medium-size enterprises (SMEs). The increased availability of funds with longer tenors is expected to have a positive impact on the financial sector as well, and will generate competitive loan pricing and terms for Bulgarian companies in addition to improving SMEs' access to financing.

 

At year end, HVB Bulgaria will merge with Biochim, Bulgaria's fourth largest bank, which was acquired by Bank Austria Creditanstalt in October 2002. As a subsidiary of the leading Austrian bank, the bank expects to play a leading role in the ongoing process of privatization in Bulgaria, providing know-how, technical solutions, and new products to the market.

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