Sofia, Bulgaria, July 3, 2015 -
IFC, a member of the World Bank Group, and EBRD are providing €20 million in loans to support the expansion of Bulgarian fuel supplier Bulmarket DM, helping introduce cleaner fuels and diversify the energy sources available to the country’s smaller businesses.
With €10 million loans from each IFC and EBRD, Bulmarket DM will expand its existing network of liquefied petroleum gas (LPG) terminals and build a new terminal to store and distribute liquefied natural gas (LNG). This will position Bulmarket DM to become Bulgaria’s first importer and distributor of LNG.
“Thanks to this expansion, we will start supplying LNG to industrial companies in Bulgaria, many of which are remote and do not have access to traditional gas distribution and competitive energy sources,” said Stanko Stankov, the owner of Bulmarket DM. “We will also increase the distribution of LPG in Bulgaria and the Balkans.”
Carsten Mueller, IFC Regional Industry Head of Manufacturing, Agribusiness and Services in Europe, Middle East and North Africa region, said: "The financing IFC extended to Bulmarket DM reflects our focus on alternative transportation fuels. IFC is supporting Bulmarket with funding and advice, so the company can grow its business, further increase efficiency, and offer new solutions to satisfy the demand for fuels in Bulgaria."
Daniel Berg, EBRD’s Director for Bulgaria, said: “Unlike natural gas delivered via pipelines, the introduction of LNG on the market offers flexibility, as it can be transported from and to anywhere. Opening a window to this alternative fuel – especially one that is cleaner than what is currently used by companies not connected to the natural gas grid – helps diversify energy sources available to Bulgarian companies.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
.
Stay Connected
