The FINANCIAL -- The EBRD is providing a €4.5 million loan to Biomashinostroene, a leading Bulgarian manufacturer and exporter of steel equipment for the food-processing, pharmaceutical and chemical industries. The company will invest the funds to expand its operations.
Biomashinostroene exports more than 90 per cent of its products to over 20 countries in the European Union and the Middle East. It supplies the world’s largest engineering companies such as Tetra Pak and GEA and top multinational food companies such as Nestlé and Ferrero.
In order to meet the growing demand for its machinery, Biomashinostroene is boosting its manufacturing and storage capacity. The company is investing in three new assembly workshops and warehouses. The expansion will help optimise the manufacturing process and enable simultaneous work on several orders of large, complex equipment.
Under the company’s investment programme, production and sales are expected to increase by 50 per cent over the next six years, according to the EBRD.
EBRD President Suma Chakrabarti, on a visit to Sofia, said: “We have seen Biomashinostroene develop from a state-owned enterprise, specialising in manufacturing of biotechnology equipment, to a modern privately owned company offering cutting-edge technology to global players in the food and pharmaceutical industries. Our previous loan to the company has delivered excellent results and it is with great pleasure that we provide new financing to further boost this exemplary exporter.”
President Chakrabarti also welcomed Biomashinostroene to the EBRD’s Blue Ribbon programme. The programme combines business advice and finance for companies that stand out for their market leadership and high-growth potential. It currently includes 24 companies in 15 countries where the Bank invests. Biomashinostroene is the first Bulgarian company to join the programme, thanks to the firm’s solid business strategy, strong management and high quality of output.
The EBRD is a leading institutional investor in Bulgaria. It focuses on enhancing the competitiveness of the private sector, strengthening the financial sector and narrowing the infrastructure gap. To date the Bank has invested €3.7 billion in 248 investment projects in the country.