EDB increases LOCKO-Bank’s loan facility for the purposes of trade finance
Almaty, 24 June 2013. Eurasian Development Bank (EDB) signed an agreement in Moscow today to increase the current loan facility for LOCKO-Bank (Russia) for the purposes of trade finance to US $20 million and extend its period for five years.
In the autumn of 2010 EDB provided LOCKO-Bank with a US $15 million renewable loan facility. This was EDB’s first project within its Programme for the Development of Trade Finance Instruments and the Enhancement of Mutual Trade between the EDB Member States.
The loan will be used to finance foreign trade transactions of LOCKO-Bank’s clients in the EDB member states. Financing may be provided in the roubles, euro, US dollars or the CIS currencies.
EDB’s loan is aimed at expanding the external sources of finance for LOCKO-Bank. It will also contribute to the expansion of mutual trade between the EDB member states and help to deepen their integration. The agreement provides that LOCKO-Bank will use at least 80% of the loan to finance projects involving export and import transactions between the EDB member states.
Additional Information
LOCKO-Bank (CJSC) is a full-service Russian bank with foreign capital. The bank has been operating in the financial market since 1994. In addition to Russian companies and individuals, its shareholders include the International Financial Corporation (IFC) and East Capital, a Swedish investment fund. LOCKO-Bank provides a wide range of private and corporate financial services and is one of Russia’s largest banks in the area of SMB lending and one of the country’s best retail banks. Read more at https://www.lockobank.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