EDB and Intesa Sanpaolo Broaden Co-operation

Today, the Eurasian Development Bank and Intesa Sanpaolo (Italy) signed a new bilateral loan agreement.

Under this agreement, EDB will receive a EUR25 million loan for two years. The margin will be set at 180 basis points above EURIBOR rate. The EDB will utilize this loan for its general corporate needs. The transaction was structured by Bank Intesa, the Russian subsidiary of Intesa Sanpaolo, and the funds will be disbursed through its London branch.

This is the second large transaction between Intesa Sanpaolo and the EDB. Last summer, Intesa Sanpaolo provided the EDB with a loan facility for US$50 million and with the maturity of one year.

The representatives of Intesa Sanpaolo commented that, despite the global financial crisis, the Italian banking group intends to expand its presence in Russia and the CIS, and considers the EDB one of its most reliable partiers in the region.