The European Investment Bank (EIB) extended a $50 million line of credit to Bank of Palestine to support the resilience of the Palestinian private sector through on-lending to local SMEs, as part of Team Europe’s overall response to the Covid-19 crisis.

This was a top-up loan of $4 million to support microfinance sector during challenging environment brought about by COVID-19 crisis.

The COVID-19 outbreak and the economic downturn it triggered gave the fintech sector in Bulgaria a chance to see various opportunities for mass adoption of financial technology in the near future.