CBM REPAID US$10MIO SME LENDING FACILITY GRANTED BY IFC
On 15 December 2009 CBM fully repaid 5-year credit line of US$10mio for on-lending to Small and Medium-sized Enterprises (SMEs) granted by International Finance Corporation (IFC) in October 2004.
This 5-year loan is the Bank’s first long-term financing from IFC. The project was the part of IFC’s banking sector strategy in Russia aimed at building long-term relationships with medium-sized independent private banks. Granted IFC’s credit line allowed the Bank to extensively conduct operations in SMEs sector and, in its turn, provided for further strengthening of CBM’s position in this market and expansion of its client base.
Such successful and timely loan repayment once again confirms the high-level reliability and credit solvency of the Bank, which, in its turn, plans to continue its long-term and fruitful cooperation with IFC under other programs. The Bank currently works with IFC under 2 joint programs: mortgage lending facility and Global Trade Finance Program (GTFP).