ProCredit Bank Reaches Agreement With EBRD And Canada's IFPT On Syndicated Loan Of USD 11 Million

Ukrainian News - on-line

October 6, 2004

ProCredit Bank, the medium-sized bank formerly known as the Microfinance bank, signed an agreement with the European Bank for Reconstruction and Development (EBRD) and Canada's International Finance Participation Trust (IFPT) in late September on provision of a syndicated loan of USD 11 to ProCredit Bank.

The press service of ProCredit Bank announced this in a statement, a text of which Ukrainian News obtained.

According to the statement, this loan is to be provided for 6.5 years.

ProCredit Bank plans to use the syndicated loan to finance the operations of small businesses in Ukraine.

As Ukrainian News earlier reported, it was announced in August that the EBRD intended to organize a syndicated loan of USD 11 million for ProCredit Bank.

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.

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

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