EBRD lends $30 million to Russia’s Rosevrobank

Two EBRD loans totalling $30 million to Russia’s Rosevrobank will enable this key lender to micro and small businesses to provide additional funding to a vital sector of the Russian economy badly hit by the drying up of credit due to the crisis.

Rosevrobank is one of the few Russian banks to have continued to finance micro, small and medium-sized enterprises (MSME’s) through the financial turmoil.

This activity represents its core business and Rosevrobank was at the end of June 2009 rated the 12th largest Russian bank in terms of MSME loans outstanding – even though its share of total bank assets is much smaller.

The EBRD is making available to Rosevrobank a senior loan of $15 million under its Multi-Product Framework for Russian Regional Banks for on-lending to small businesses, as well as a $15 million loan under the EBRD’s Russian Small Business Fund (RSBF). Both loans have a three-year maturity.

By providing loans that will allow Rosevrobank to consolidate its market position as well as strengthen its balance sheet, the EBRD is sending a strong signal of its confidence in Rosevrobank’s future and will help Rosevrobank to become yet more active in lending to MSME, said the EBRD’s Director for Financial Institutions Russia, George Orlov.

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