EBRD To Organize Syndicated Loan Of $11 Million For ProCredit Bank

Ukrainian News - Business Week

Aug 8, 2004

The European Bank for Reconstruction and Development intends to organize a syndicated loan for ProCredit Bank (former Microfinance Bank) worth a total of USD 11 million. Ukrainian News learned this from a representative of EBRD's Kyiv-based office.

The EBRD is expected to provide to the bank a credit worth USD 4 million, and the other participant of the syndicate, the Canadian International Finance Participation Trust, a loan of USD 7 million. The agreement on a syndicated credit is expected to be signed in August. The purpose of the project is to increase ProCredit Bank's crediting resources.

As Ukrainian News earlier reported, the net assets of the bank were valued at UAH 423.5 million, its balance-sheet capital totaled UAH 49.8 million, while its loan portfolio amounted to UAH 378.3 million as of April 1.

The bank ended the January-March period of this year with a net profit of UAH 2.775 million, and ended the year of 2003 with a profit of UAH 1.4 million.

The bank's shareholders are the European Bank for Reconstruction and Development (20%), the International Finance Corporation (part of the World Bank group, 20%), the Western NIS Enterprise Fund (20%), Germany's IMI investment company (20%), and Germany's Kreditanstalt fur Wiederaufbau (20%).