Credit Bank of Moscow to raise $20 mln from Black Sea Trade and Development Bank for SME financing
29.02.2008
<p>29&nbsp;February 2008, Moscow (Russia)&nbsp;&mdash; a&nbsp;USD 20&nbsp;million Loan Agreement was signed between Credit Bank of&nbsp;Moscow (CBOM) as&nbsp;Borrower and Black Sea Trade and Development Bank (BSTDB) as&nbsp;Lender for the purposes of&nbsp;financing small and medium-sized enterprises (SMEs).</p> <p>This bank-to-bank loan, with a&nbsp;repayment period of&nbsp;6&nbsp;years, aims to&nbsp;respond to&nbsp;the rapidly growing funding needs of&nbsp;the Russian SMEs, and contributes to&nbsp;the implementation of&nbsp;the Russian Government priorities to&nbsp;promote the development of&nbsp;the SME sector as&nbsp;a&nbsp;backbone of&nbsp;market economy and the main generator of&nbsp;the medium class.</p> <p>CBOM regards co-operation with international developmental institutions as&nbsp;an&nbsp;essential element of&nbsp;its business strategy. In&nbsp;2004&nbsp;and 2005&nbsp;CBOM obtained two 5-year loans for SME financing from IFC and EBRD, each for USD 10&nbsp;million.</p>