The proposed project is a senior loan of USD 10 million to Credit Bank of Moscow, a medium-sized commercial bank operating in Moscow and the Moscow region of Russia, for on-lending to local private sector Small and Medium-sized Enterprises (SMEs).
Significant transition impact is expected in the following areas:
1. By supporting private sector SMEs by providing medium and long term funds, the project will raise the level of financial intermediation in Moscow and Moscow region and allow EBRD funds to reach sub-borrowers requiring longer-term investment funding, which is currently not available to them.
2. The project will support the institutional and financial strengthening of Credit Bank of Moscow. It will allow the bank to provide a wide range of services and products to its SME clients, and to compete in this market segment with state-owned and larger privately owned banks.
3. The project will further contribute to the adoption by the bank of high integrity and corporate governance standards. This will contribute to help Credit Bank of Moscow to secure additional funding opportunities from other creditors and investors going forward.
Credit Bank of Moscow, a commercial bank headquartered in Moscow with total assets of USD 400 million and providing a full range of retail and corporate banking services.
Up to 5-year senior loan of USD 10 million.
USD 10 million.
Credit Bank of Moscow will be required to comply with EBRD’s Environmental Procedures for Intermediated Finance through local banks, including ensuring compliance with the applicable national environmental, health and safety legislation, adherence with EBRD’s Environmental Exclusion List and submission of annual environmental reports to the Bank.
Andrey Butukhanov, Head of Financial Institutions Department
Fax: +7 095 795 0211
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