|
European Bank signs agreement to invest in Estonian Investment Bank
The European Bank for Reconstruction and Development has agreed to invest ECU 1.5 million in the Estonian Investment Bank, under an agreement signed at the European Bank yesterday. The agreement was signed by Mr Manuel Franca e Silva, Director of the Financial Infrastructure Department of the European Bank, and Mr Härtno Värk, President of the Estonian Investment Bank and Mr Vahur Kraft, Chairman of the board of directors of the Estonian Investment Bank.
The ECU 1.5 million equity investment, representing 33.3% of the capital stock, makes the European Bank a major shareholder of the Estonian Investment Bank, established as a special financial institution to provide medium and long term financing for small and medium-sized private companies and companies in transition to privatisation in Estonia.
This will be the first equity investment made by the European Bank in a local financial institution in eastern and central Europe and the former Soviet Union.
|
