EBRD Lends 350 Mln Euro to Greece's NBG Units in Bulgaria, Romania, Serbia
The European Bank for Reconstruction and Development (EBRD) said on Monday it is lending a total of 350 million euro to the National Bank of Greece's units in Bulgaria, Romania and Serbia for on-lending to businesses in their respective countries.
"United Bulgarian Bank will receive 150 million euro, Banca Romaneasca will receive 100 million euro, and Vojvodjanska banka will get 100 million euro of new funding from the EBRD," the lender said in a statement. The EBRD financing will provide the three banks with medium term senior funding to support their funding base, diversify and extend the maturity of their liabilities and enhance their lending to the economy, the statement added.
"The project will help to ensure a continued flow of credit to private companies operating in these countries which is essential to foster development in difficult macro-economic conditions," the EBRD managing director for financial institutions, Nick Tesseyman, said in the statement.