The agreement was signed today within the Annual meeting of the European Bank for Reconstruction and Development in London

The proceeds will provide a source of finance at a time of scarce alternative commercial funding

The European Bank for Reconstruction and Development (EBRD) and UniCredit Bulbank signed today a €50 million credit on an event within the Annual meeting of EBRD in London. This flow of finance will support the Bulgarian economy in response to the global economic crisis.

The agreement was signed by Jean-Marc Peterschmitt, Director Financial Institutions of EBRD, Levon Hampartzoumian – CEO and Chairman of the Management Board of UniCredit Bulbank, and Andrea Casini – COO and Deputy Chairman of the Management Board of UniCredit Bulbank.

As the two institutions highlighted during the approval of the loan by the EBRD’s Board of Directors, the credit is part of the EBRD’s response to the global financial crisis, providing a flow of finance to the real economy in Bulgaria at a time of scarce alternative commercial funding.

Subject to the conclusion of legal documentation, the proceeds of this five-year credit would be used to provide medium and long-term financing to private SME companies, with a maximum of 249 employees and a maximum turnover of €50 million.

The credit is part of a joint initiative with the UniCredit Group to continue investing in Eastern Europe and so keep funding open to the real economy.

The EBRD is making investments worth a total of €432.4 million in UniCredit subsidiaries across eight eastern European countries, as part of a joint effort to tackle the impact of the global economic crisis on the region.

UniCredit Group is the largest banking group in the central and eastern European region, with over 4,000 branches in 19 countries. Beside its own funding programs to its subsidiaries, it cooperates with international institutions including the EBRD in order to ensure continuing support to the local economies during these challenging times.

The EBRD investment is part of the joint pledge by the EBRD, the World Bank Group and the European Investment Bank (EIB) to provide over €24 billion in support of the banking sectors in the region and to fund lending to businesses hit by the global crisis.

About EBRD:

The EBRD, owned by 61 countries and two intergovernmental institutions, is supporting the development of market economies and democracies in countries from central Europe to central Asia. For further information, visit: www.ebrd.com

About UniCredit Group:

UniCredit Group is a major international financial institution with strong roots in 22 European countries as well as representative offices in 27 other markets, with over 10,200 branches, approximately 174,000 employees at 31 December 2008. In the CEE region UniCredit Group operates the largest international banking network with over 4,000 branches and outlets in 19 countries. For further information, visit: www.unicreditgroup.eu