Eurasian Development Bank and Intesa Sanpaolo Signed Bilateral Loan Agreement for $50 Million

Today, Igor Finogenov, Chairman of the Executive Board of EDB, and Antonio Fallico, Chairman of the Board of Directors of Bank Intesa (Italy) signed a bilateral loan agreement in Moscow.

Under this agreement, Intesa Sanpaolo Group will provide EDB with a one-year, floating interest rate loan of $50 million. Margin on the loan is LIBOR+50 basis points.

The managing bank is Bank Intesa, a Russian subsidiary of Intesa Sanpaolo. The funds will be disbursed by the London branch of Intesa Sanpaolo.

EDB will utilise this loan for general corporate purposes, primarily to finance its growing investment portfolio.

The signing ceremony was held in the Italian Embassy in Moscow, in the presence of the Ambassador of Italy to Russia, and representatives of the Russian Ministry of Foreign Affairs and Ministry of Industry and Trade, and the Embassy of Kazakhstan to Russia.

Igor Finogenov commented that this transaction marks a new page of co-operation between the two banks. Earlier, the Italian bank participated in two syndicated loans raised by EDB in 2006-2007. “We expect that our banks will also interact in the investment and banking sectors”, Finogenov stressed, “Intesa Sanpaolo Group is familiar well with the markets of Russia and other CIS countries. And EDB, for its part, treasures its relationship with the leader of Russo-Italian economic co-operation”.

Antonio Fallico said, “We have had excellent business relations with the Eurasian Development Bank since its inception. This can be explained, on the one hand, by the level of its shareholders and the scale of its tasks, and, on the other hand, our belief that the economic and social development of the Eurasian region will become the main impetus for the development of global economy”.