EDB increases finance for Russia's Centr-Invest Bank
Funds will be used to finance energy saving projects.
Almaty, 25 December 2012. Eurasian Development Bank (EDB) signed today a supplementary loan agreement with Centr-Invest Bank, under which it will increase the loan facility for financing energy saving projects of the clients of this Rostov-based bank by RUR 150 million.
In June 2012 EDB signed a loan agreement with Centr-Invest Bank providing a three-year non-renewable loan facility to the tune of RUR 150 million. The agreement stated that Centr-Invest Bank would provide sub-loans in the amount of RUR 3 million and more to finance projects to reduce energy consumption, create generating capacities based on renewable energy sources and improve the efficiency of the use of natural resources.
Over the subsequent six months Centr-Invest Bank has fully disbursed the loan to finance such projects of its clients in the agricultural, industrial and services sectors.
This was EDB’s first project in the framework of its Programme for Improving the Energy Efficiency of Economies of the Member States through the Provision of Targeted Loan Facilities to Financial Institutions. In accordance with the EDB Strategy until 2013, the financing of energy efficiency programmes is among the priorities of its investment activities.
«We are glad that our first project has resulted in the extension of our cooperation with Centr-Invest Bank in a rather short period of time,» says Dmitry Krasilnikov, Member of the EDB Management Board and Managing Director for Corporate Finance. «The programme to improve the energy efficiency of the EDB member states has been developed specifically to finance such projects. By signing a supplementary agreement with our partner Centr-Invest Bank we hope that energy efficiency projects of its clients in Russia will develop further.»
Additional Information
Centr-Invest Bank is the largest regional bank in the south of Russia. It was set up in 1992 in Rostov-on-Don. The bank’s shareholders are the European Bank for Reconstruction and Development (27.45%), the German Investment Corporation (DEG; 22.45%), the Firebird Investment Fund (9.90%), Erste Group Bank AG (9.80%), Renaissance Capital (8.15%), and Raiffeisenlandesbank Oberоesterreich AG (3.58%). The bank has more than 140 branches and offices in Rostov and Volgograd Regions and in Stavropol and Krasnodar Krais. Read more at https://www.centrinvest.ru/
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.