A London-based bank is providing loans worth €64 million (£56m) in total to help promote energy efficiency in the residential and small and medium sized business (SME) sectors in Bulgaria (pictured).

Three Bulgarian banks – Postbank, Peraeus Bank Bulgaria and United Bulgarian Bank – will receive a share of the cash and join the European Bank for Reconstruction and Development’s (EBRD) energy efficiency Finance Facility launched in April last year.

The EBRD will also support the banks in financing international and intra-regional trade transactions.

Nick Tesseyman, EBRD Managing Director – Financial Institutions said: “We are pleased all three banks remain committed to supporting local small and medium enterprises in becoming more efficient and competitive as well as helping households 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.”

Last week the EBRD also provided funding for SMEs in Romania to invest in industrial energy efficiency and small scale renewable energy projects.