EBRD grants $10 mln 5 year SME lending facility to Credit Bank of Moscow
August 08, 2008, London (UK) – a 5-year USD 10 mln loan agreement was signed between CBM and European Bank for Reconstruction and Development for the purposes of financing small and medium-sized enterprises (SMEs) in Moscow and other regions of Russia. This credit line is the second one obtained from EBRD and the fourth one from IFIs for these purposes. Total exposure of IFIs to CBM for SME financing currently comprises USD43 mln. SMEs are significant contributors to the development of any country. That is why Credit Bank of Moscow actively supports this segment in Russia and constantly increases the volumes of its loans to SMEs. Funds raised from EBRD will help CBM better meet its SME clients’ longer-termed financing requirements.