The European Bank for Reconstruction and Development (EBRD) has partnered with ProCredit Bank Bulgaria EAD (PCBB) to provide a €14 million ($15.9 million) portfolio guarantee aimed at boosting green investments in Bulgaria and Greece. The initiative falls under the European Union’s InvestEU programme and is designed to accelerate energy efficiency and renewable energy financing across key industry sectors.
The guarantee, backed by partial first-loss risk coverage from the EU, will enable PCBB—a leading SME lender operating in Bulgaria and Greece—to extend new loans for green projects, contributing to both countries’ transition to low-carbon economies.
The investment will support national and EU-level climate and energy targets by promoting projects that meet the EBRD’s rigorous green economy transition criteria. These include measurable improvements in energy efficiency and significant reductions in carbon dioxide emissions.
“This guarantee not only helps close the investment gap in Bulgaria and Greece, but also strengthens the resilience of the local banking sector,” the EBRD said, adding that the partnership aligns with its broader strategy to drive sustainable finance and support the green transition in its countries of operation.
PCBB, Bulgaria’s seventh-largest bank, is a subsidiary of ProCredit Holding, in which the EBRD holds an 8.7% equity stake.
The InvestEU programme, a flagship EU initiative, leverages public and private investment to support sustainable growth, the European Green Deal, and digital transformation. Through its partnership with InvestEU, the EBRD deploys portfolio risk-sharing instruments to financial intermediaries across the EU, facilitating access to climate finance.
To date, the EBRD has invested close to €4.8 billion in over 300 projects in Bulgaria alone, making it a major contributor to the country’s green development and economic resilience.