A credit line to A/S Saules Banka in Latvia for US$ 8 million to support local private sector small and medium-sized enterprises (SMEs).
The principal objectives of the project are to:
· enable SB to expand its business operations and to increase lending to private sector enterprises;
· assist SB in the enhancement of its lending skills and credit portfolio.
SB is an important institution in the local market which provides a full range of corporate and retail banking services, and it has a reputation for good client service. In order to expand, and remain competitive, SB plans to escalate its activity in the corporate lending market.
The transition impact of the project will be achieved by:
· providing much needed term funding to the burgeoning Latvian private sector;
· adding to the development of a significant bank in the Latvian financial services market and helping to demonstrate confidence in the Latvian banking sector.
A/S Saules Banka (SB) is a joint-stock company incorporated under the laws of Latvia. SB is majority privately owned and a privately controlled commercial bank.
The project will consist of a US$ 8 million bank-to-bank loan in the form of a credit line aimed at meeting the term funding needs of private SMEs in Latvia.
US$ 8 million (ECU 7 million), all of which will be financed by the EBRD.
SB will carry out its operations in accordance with the EBRD's "Environmental Procedures for Intermediated Lending through Local Banks", which provide for the integration of environmental due diligence into SB's credit appraisal processes and a requirement that borrowers comply, at a minimum, with national and local health, safety and environmental regulations and standards and public consultation requirements.
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