EBRD lends 2.9 billion roubles loan for Russian SMEs

Microfinance Focus, Sep 2, 2010: The European Bank for Reconstruction and Development – EBRD will be lending up to 2.9 billion roubles (76 million) to Credit Europe Bank for meeting the growing demand for local currency loans from small and medium-sized enterprises (SME’s) of Russia, says a release.

It will be an unsecured five-year senior loan to the Credit Europe Bank which is majority-owned by the Netherlands-registered Credit Europe Group N.V. and part of one of Turkey’s conglomerate, the Fiba Group. The bank is focussed on the retail sector, mid-sized corporations and SME’s.

“This is part of a shift in the EBRD’s loan portfolio towards rouble-denominated lending to support Russian small businesses. We are pleased to provide this funding through a well-managed bank with high standards of corporate governance, a good reputation and which is prepared to respond proactively to demand from SMEs in the regions of Russia”, said the EBRD’s Managing Director for Financial Institutions, Nick Tesseyman.

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