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Uneximbank signed up for EBRD's Moscow credit line
To promote medium-term lending to private sector construction and other investment projects in the Moscow city area, the European Bank for Reconstruction and Development (EBRD) has signed a US$ 20 million (ECU 16 million) credit line agreement with Uneximbank, Russia's largest private bank.
Pierre Mellinger, co-director of the EBRD's financial institutions team, said: "This is the first undertaking the EBRD has with Uneximbank, which has developed a strong client base throughout Russia. By working with banks such as Uneximbank, the EBRD can contribute to the development of Moscow as Russia's leading economic centre and support projects which are by themselves too small for EBRD direct financing." Mr Gennady P. Kantserov, Deputy Chairman, signed the agreement on behalf of Uneximbank.
The Moscow Credit Line Framework is a five-year credit line of US$ 135 million (ECU 104 million) available to a group of Moscow-based banks. The loan will support the growth, development and strengthening of the construction, property and other economic sectors in the Moscow city region. It will also provide continued support of the financial sector in Russia.
Moscow is the most important economic centre in Russia. It is the driving force for financial, economic and commercial development throughout the country and is one of the EBRD's priority regions in recognition of its special status as the capital of the country and the vibrant dynamics of its economy.
Uneximbank has over 400 major blue-chip corporate customers, the majority of which are large export-oriented trade and manufacturing enterprises operating in the oil and non-ferrous metals sectors. Uneximbank was granted a full banking licence and started its operations in April 1993.
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