SOCIETE GENERALE EXPRESSBANK AND NATIONAL GUARANTEE FUND SEAL 40M LEVA AGREEMENT

Bulgarian lender Societe Generale Expressbank and the National Guarantee Fund (NGF) have entered into a 40 million leva guarantee agreement, the bank said on March 29 2011.

The agreement follows a year of co-operation between the parties, which provided for the allocation of more than 260 loans totalling about 150 000 leva on average, which were added to the bank's guaranteed portfolio and were granted to encourage small- and medium-sized enterprises (SMEs) in Bulgaria.

"For years, we have been constantly striving to support SMEs in Bulgaria and in this sense our partnership with the National Guarantee Fund is the cornerstone of our strategy recently," Stefan Tuati, Societe Generale's head of SME banking, said.

Under the agreement, NGF has increased the maximum size of the guaranteed amount for working capital loans to 300 000 leva from 250 000 leva and further extended the maximum period of investment loans to be included in the guaranteed portfolio, Tuati said.