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EBRD agrees US$ 40 million loan for Russia's IMB
The European Bank for Reconstruction and Development (EBRD) signed a US$ 40 million (ECU 31 million) loan agreement with International Moscow Bank (IMB) today. The loan will allow IMB to expand its lending operations and finance medium-term and long-term investment projects.
At the signing, David Hexter, Deputy Vice President of the EBRD, said: “By furthering IMB’s efforts to become a high-quality private sector financial institution, the EBRD is instrumental in promoting the development of a market-oriented economy. The loan will provide much-needed term financing for the development of private sector enterprises in the Russian Federation.”
The loan, which is a tranched medium-term amortising loan facility, addresses the shortage of long-term funding on the Russian market by establishing a source of funds that can be accessed by IMB’s clients. It will also allow IMB to expand its term lending operations to corporate clients and diversify its funding base.
IMB was established on 19 October 1989 in the form of a joint-stock company by three Russian and five Western banks. It was one of the first banks in Russia to start operating to international standards. It specialises in international settlements, corporate banking, money management, trade finance, consulting, term corporate lending and project finance.
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