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The loan guaranteed by the European Fund for Strategic Investments (EFSI) will create more than 200 jobs in rural areas and strengthen the agriculture sector in Bulgaria. The deal was signed in Sofia in the presence of President Juncker and Prime Minister Borissov. As the College of Commissioners visit Sofia to

mark the beginning of the Bulgarian Presidency of the EU, the European Investment Bank (EIB) has signed a €100 million loan with Bulgarian agri-pharma business Biovet to finance a boost in production levels and research and development (R&D) in the area of animal health. The loan is guaranteed by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, the Juncker Plan. As a result of this financing, 210 jobs will be created in rural parts of Bulgaria.

Commission President Jean-Claude Juncker and the Prime Minister of Bulgaria Boyko Borissov witnessed the signing of today's deal by Commission Vice-President Jyrki Katainen, Agriculture Minister of Bulgaria Rumen Porodzanov, EIB Vice-President Andrew McDowell and Kiril Domuschiev, Chief Executive Officer of Biovet's parent company Huvepharma.

The project includes the design, construction and management of two new facilities: a fermentation facility in Peshtera in southern Bulgaria which will manufacture active substances, nutritional supplements, enzymes, probiotics and ready medicinal formulations for animal and human health; as well as a new plant in Razgrad in north-east Bulgaria for the manufacturing of animal vaccines. The project will also enable the

 

company to carry out R&D in the fields of microbiology and new product development, such as vaccines, enzymes, as well as process improvement and formulation.