EBRD to extend EUR 75mn credit line to Eurobank EFG Bulgaria.

By bne IntelliNews October 6, 2010
The EBRD approved a credit line in the amount of EUR 75mn to Bulgaria's fifth-largest lender Eurobank EFG Bulgaria, the EBRD said on its website. The facility is part of a EUR 230mn credit line to the subsidiaries of Greek Eurobank EFG Group in Romania, Bulgaria and Serbia for on-lending to private businesses. It will provide the local bank with longer term senior financing to support its funding base, diversify and extend the maturity of its liabilities and help it continue lending. Dutch EFG New Europe Holding and Greek EFG Eurobank Ergasias control almost 90% of the local lender. The package of loans will be provided in two equal tranches and is part of the Joint International Financial Institutions Action Plan, unveiled in February 2009) under which the EBRD, the WB and the EIB pledged to provide EUR 24.5bn in two years to support the economies of eastern Europe via the banking sectors.

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