EBRD in USD 20mln loan to CREDIT BANK OF MOSCOW
27.05.2010
27 May 2010 – European Bank for Reconstruction and Development (EBRD) and CREDIT BANK OF MOSCOW signed loan agreement under which EBRD is lending CREDIT BANK OF MOSCOW USD 20mln to finance small and medium businesses for a period of five years.
This credit line is already the third one granted by EBRD for these purposes. In the aggregate CREDIT BANK OF MOSCOW has raised USD 65mln from international financial institutions for the purposes of small and medium businesses financing.
Small and medium businesses are the sectors worst hit by the credit crunch of 2008-2009. At the same time companies representing these sectors are among the key determinants of economic development of Russia. Bearing this fact in mind, CREDIT BANK OF MOSCOW has been actively supporting small businesses and was one of few Russian banks to stick to lending to such companies throughout 2009.
CREDIT BANK OF MOSCOW intends to further gain ground in this lending segment and raises additional funds from EBRD for these purposes in particular.