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The National Guarantee Fund absorbed 100% of the funds granted for the guarantee scheme in the “Fisheries” sector

The National Guarantee Fund has completely absorbed the funds that amount to 15 million leva granted to it by the Executive Agency for Fisheries and Aquaculture for the set up of a guarantee scheme for the “Fisheries” sector. The funds were completely absorbed in the end of May 2015, after the Fund has issued a guarantee amounting to 3 million leva to support a project for the construction of a trout farm, approved in the framework of the Operational Program for Development of the Fisheries Sector 2007-2013.

Ever since the guarantee scheme was open in 2012 up until the end of 2015 the Guarantee Fund has issued 32 guarantees for the realization of projects in the framework of the Operational Program for Fisheries and Aquaculture that amount to 23,780 million leva. The guaranteed loans have a total volume of 41,654 million leva and the sum of supported investment is 56, 2 million leva. It is thanks to the opportunity for the Guarantee Fund to reuse the repaid guarantees, the Fund has issued additional guarantees that amount to 8,780 million leva that exceed the funds initially granted by the Executive Agency for Fisheries and Aquaculture. The Guarantee Fund will have the opportunity to issue guarantees until September 30, 2015 should any additional guarantee resources be repaid in case a loan supported with a guarantee is paid off.

The guarantees of the Fund for the “Fisheries” sector are free of charge for the beneficiaries and cover up to 80% of the sum of the loan principle, but can not exceed 3 million leva. In addition, they give the opportunity to the 15 commercial banks to offer more favorable than the standard loan conditions to the beneficiaries supported with a guarantee. The aim of the program is to render the “Fisheries” sector competitive, dynamic, contemporary and based on sustainable development of fisheries, as well as the improvement of the quality of life in fisheries regions.

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