Monday 8 April 2013

Efficiency fund for Bulgarian metal processing firm

A London-based bank is investing €40 million (£26m) in a Bulgarian metal-processing company to help improve its energy efficiency and for long-term financing.

Around €10 million (£6.5m) of the cash from the European Bank for Reconstruction and Development (EBRD) will be used for energy efficiency improvements to help the firm reach international standards. Sofia Med processes copper, titanium zinc and brass in Bulgaria but most of its products are exported to western and eastern Europe.

The EBRD has invested more than €2.5 billion (£1.6bn) in over 200 projects in different sectors of Bulgaria’s economy.