EBRD provides EUR 50mn credit line to Alpha Bank Serbia.

By bne IntelliNews October 6, 2010
The EBRD signed a EUR 50mn credit line with Alpha Bank Group's local subsidiary, Alpha Bank Serbia, in order to improve the availability of financing for private business in the country, the EBRD said in a news release posted on its website. The financial instrument is part of a EUR 200mn credit line, the remainder of which will go to Alpha Bank Romania. The EBRD credit line will provide the bank with longer term financing, which will facilitate funding, extend the maturity of the bank's liabilities and in the end support the continuation of its lending. Commenting on the project, EBRD Managing Director for Financial Institutions, Nick Tesseyman said the lender aimed to support real sector in Serbia by securing unremitting flow of credit to private companies which are still facing difficulties in obtaining funding for development. The financing is part of the Joint International Financial Institutions Action Plan and follows alike facilities offered to the subsidiaries of the major Western European banking groups in the last 18 months. Under the plan, unveiled in early 2009, the EBRD, the EIB and the World Bank pledged to secure EUR 24.5bn over two years to support the economies of Eastern Europe via the banking sectors.

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