20 million euros in EBRD-loans for Raiffeisen International subsidiaries
RAIFFEISEN BANK S.A. - 23 Mai 2007
Loans to help small and medium-sized enterprises to grow
Raiffeisen International subsidiaries in Bulgaria (Raiffeisenbank (Bulgaria) EAD) and Croatia (Raiffeisenbank Austria dd, Croatia) will each receive loans amounting to 10 million euros from the European Bank for Reconstruction and Development (EBRD). The funds will be made available under the EU/EBRD SME Finance Facility to farmers and entrepreneurs based in rural areas in Bulgaria, and to small and medium-sized enterprises (SMEs) in general in Croatia, giving them more access to finance to expand their businesses. Both loans will be complemented by grant support from the European Commission.
Kurt Geiger, EBRD Business Group Director for Financial Institutions said, "Raiffeisen International is an important partner for the EBRD in reaching out to private-sector business. Banking goups like Raiffeisen International are vehicles which enable us collectively to reach into the heart of the entrepreneurial sector, helping to create jobs, especially in rural areas, and boost economic growth."
Herbert Stepic, CEO of Raiffeisen International, added, "Our long-time partnership with the EBRD has resulted in numerous transactions and co-operation agreements that have all proved beneficial for the ultimate target groups, in most cases SMEs. We have thus both contributed a good share to promote private initiative and the growth of the economies all across Central and Eastern Europe."
The EU/EBRD SME Finance Facility, a joint programme of the European Commission and the EBRD, supports the development and growth of entrepreneurs by facilitating their access to finance. Under this regional programme covering 11 countries, the EBRD has committed 1,091.5 million euros to date, supported by 145.8 million euros in grant financing and technical assistance from the EC since the launch of the Facility in 1999.
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The EBRD, owned by 60 countries and two intergovernmental institutions, aims to foster the transition from centrally planned to market economies in central and eastern Europe and the Commonwealth of Independent States. It is the largest investor in CEE and the Commonwealth of Independent States, having invested nearly €34 billion, and to date mobilised around a total €103 billion.
Raiffeisen International operates the largest banking networks in CEE. 18 markets are covered by subsidiary banks, finance leasing companies and two representative offices. Approximately 12.5 million customers are attended to through more than 2,900 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB), which owns 70 per cent of the common stock. The remaining 30 per cent is free float, the shares are traded on the Vienna Stock Exchange. Raiffeisen International is the largest western banking group in Russia and the entire CIS.
For further information please contact Lars D. Hofer (+43-1-71 707-1930, lars.hofer@ri.co.at).
http://www.ri.co.at, http://www.rzb.at
http://www.ebrd.com
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