EBRD European Bank for Reconstruction and Develo : promotes R&D at Bulgarian copper producer Sofia Med

• €25 million loan to expand capacity for higher value-added products and boost innovation at Bulgarian copper producer Sofia Med
• Company to set up R&D unit and partner with global technology leader in special alloys
• Enhancing competitiveness through innovation and R&D is among EBRD's priorities

The leading Bulgarian copper producer Sofia Med will be able to move closer to the technological frontier with a new €25 million loan provided by the EBRD.

Several commercial banks are extending parallel financing as part of a €85 million long-term joint financing package.

Sofia Med manufactures rolled and extruded copper and copper alloy products such as sheets, strips, plates, circles, disks, bare and plated copper bus bars, rods, profiles, components, and wire that are used in a wide variety of building and industrial applications.

Over 95 per cent of its production is exported, with European Union markets accounting for over 70 per cent of sales.

Driven by global client demand the company plans to develop new, higher value-added products and will partly use the EBRD's loan to invest in a new research and development unit. It also aims to join forces with a technology leader in the field of special alloys to adopt their know-how.

The EBRD has been financing Sofia Med since 2012. Enhancing the competitiveness of successful Bulgarian companies through improved efficiency, governance and innovation, is a priority for the Bank in Bulgaria.

To date, the EBRD has invested nearly €3.9 billion into various sectors of Bulgaria's economy in about 250 projects.