The European Bank for Reconstruction and Development (EBRD) and Intesa Sanpaolo Group are increasing the availability of financing to small and medium sized enterprises (SMEs) in Central and Eastern Europe with a financing package of up to €100m to Intesa Sanpaolo Group’s subsidiaries in Bosnia and Herzegovina, Hungary and Serbia.
The facility (subject to completion of legal documentation) includes the following three credit lines:
– €20m to Intesa Sanpaolo Bank in Bosnia and Herzegovina,
– €30m to Banca Intesa Beograd
– €50m to CIB Bank (Hungary), a part of which is denominated in Hungarian Forints, with the view to promoting local currency lending and reduce exposure to foreign currency risks for un-hedged sub-borrowers.
The EBRD financing offered to Intesa Sanpaolo Group is part of the Joint IFIs Action Plan, a joint initiative of EBRD, the World Bank Group and the European Investment Bank Group to provide €24.5bn in support of banking systems and lending to the real economy in central and eastern Europe.