CREDIT BANK OF MOSCOW raised a USD 30mln SME credit line from Black Sea Trade and Development Bank
30.08.2011
Black Sea Trade and Development Bank (BSTDB) granted a USD 30mln credit line facility to CBM for a 6-year period. The funds under the line will be used to support the development of small and medium-sized enterprises (SMEs) in Russia. This credit facility is the second one raised by CBM for SMEs financing purposes from BSTDB since the beginning of their close cooperation initiated in 2008.
Earlier CBM received credit lines from European Bank for Reconstruction and Development (3 credit facilities for the total amount of USD 35mln) and IFC (1 credit line in the amount of USD 10mln) for similar purposes.
In the aggregate CREDIT BANK OF MOSCOW raised around USD 100mln for the purposes of SMEs financing. As small and medium-sized enterprises are more adaptive to the dynamic environment and better adjust to new terms and conditions of business running, being at the same time one of the key elements of economic development in Russia, CBM actively tries to support the SMEs rapidly increasing volumes of lending to companies from this segment.