(Yicai Global) May 14 -- The China Development Bank and Bulgarian Development Bank have signed an agreement in the Bulgarian capital, Sofia, to support Belt and Road construction projects in the country.
The Chinese institution provided EUR80 million (USD11.6 million) in loans to the Bulgarian bank, state-owned news agency Xinhua cited the European institution as saying. The funding marks the second time the two banks have cooperated after the Chinese lender offered EUR5 million to its Bulgarian counterpart in 2009.
The funds will be used to help small- and medium-sized companies and to support strategic projects as part of the One Belt, One Road initiative.
Peng Jianxun, vice president of China Development Bank's Chongqing branch, and Angel Gekov, president of the Bulgarian Development Bank signed the agreement, with Chinese Ambassador to Bulgaria Zhang Haizhou and Bulgari's Deputy Minister of Finance Marinela Petrova also attending the ceremony.