EDB provides two loans to Russia's Centr-Invest Bank to finance small and medium-sized businesses and energy saving projects
Almaty, 19 June 2012. Eurasian Development Bank (EDB) signed today two loan agreements with Centr-Invest Bank. The first agreement opens a RUR 150 million non-revolving loan facility for three years to finance energy saving projects of the customers of this bank from Rostov. Sub-loans in the amount of RUR 3 million and more will be provided for projects to reduce energy consumption, create generating capacities based on renewable sources of energy, and improve the efficiency of use of natural resources.
This is EDB’s first project in the framework of the 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 EDB’s Strategy until 2013, the financing of programmes for improving the energy efficiency of the Bank’s member states is among the priority areas of the Bank’s investment activities.
EDB has also provided Centr-Invest with a RUR 150 million non-revolving loan facility for three years to finance Russian small and medium-sized business. This loan is provided in accordance with EDB’s Programme for Supporting and Developing SMB through the Provision of Targeted Loan Facilities to Financial Institutions.
Centr-Invest will select small and medium-sized businesses on its own, using the criteria approved by EDB, and provide them targeted sub-loans for the development of business.
The project will create and promote favourable conditions for the sustainable development of small and medium-sized businesses, the enhancement of competitive environment, the improvement of small and medium-sized businesses’ competitiveness in domestic and foreign markets, and the development of infrastructure and institutional basis of the market economy in the southern regions of the country.
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 Eurasian 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.