Of the total funding, Postbank will receive €24m, Piraeus Bank Bulgaria will get €13m and the remaining €27m will be provided to UBB.

These three banks will join the EBRD Bulgarian Energy Efficiency for Competitive Industry Finance Facility that provides financing to small and medium-sized enterprises sectors for energy efficiency investments eligible for grants under the government’s Green Economy Programme, supported by EU Structural Funds.

In addition, Piraeus Bank Bulgaria and UBB will take part in the EBRD’s Residential Energy Efficiency Credit Line, for on-lending to individuals and housing associations to finance household renovations and residential energy efficiency projects.

Commenting on the transaction, EBRD Financial Institutions managing director Nick Tesseyman said Postbank, Piraeus Bank Bulgaria and UBB are committed to supporting local small and medium enterprises in becoming more efficient and competitive, also enabling households to lower their energy costs.

"In addition, the banks’ focus on financing trade is extremely important to encourage regional trade, help boost exports and support economic growth," added Tesseyman.

The financing is being provided, under the Joint IFI Action Plan for Growth agreed between the EBRD, the World Bank Group and the European Investment Bank.