Credit Bank of Moscow to raise $20 mln from Black Sea Trade and Development Bank for SME financing
29 February 2008, Moscow (Russia) — a USD 20 million Loan Agreement was signed between Credit Bank of Moscow (CBOM) as Borrower and Black Sea Trade and Development Bank (BSTDB) as Lender for the purposes of financing small and medium-sized enterprises (SMEs).
This bank-to-bank loan, with a repayment period of 6 years, aims to respond to the rapidly growing funding needs of the Russian SMEs, and contributes to the implementation of the Russian Government priorities to promote the development of the SME sector as a backbone of market economy and the main generator of the medium class.
CBOM regards co-operation with international developmental institutions as an essential element of its business strategy. In 2004 and 2005 CBOM obtained two 5-year loans for SME financing from IFC and EBRD, each for USD 10 million.