Parliament To Ratify Guarantee for EUR 100 M Lent to BDB by KfW

The Council of Ministers has proposed that Parliament ratify a guarantee for the EUR 100 M withdrawn by the Bulgarian Development Bank (BDB) from Germany's KfW, reported the government's press centre.

The credit contract is part of a series of loans of BDB with which it secures funds from international banks for the implementation of the National Energy Efficiency Programme for multi-family residential buildings.

The ratification of the guarantee, payable on first demand, is a precondition for the granting of the funds.

The option of issuing a guarantee has been stipulated in the State Budget Act for 2016.