Greek Eurobank Gets EUR 1.4 B in Funds for Balkan SMEs

Finance | January 21, 2011, Friday // 12:55|  views

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EFG Eurobank Ergasias SA, owner of Bulgaria's Post Bank, announced it has secured a total of EUR 1.4 B from international bodies to finance small and middle sized enterprises (SMEs) in south east Europe, including Bulgaria.

"The level of credit underlines the commitment of the Eurobank Group to support a new development model by assisting businesses that focus on markets abroad, in Greece as well as the wider geographic region," Eurobank said in a statement, as cited by the Wall Street Journal.

Eurobank has commitments for these funds from the International Finance Corporation, a subsidiary of the Wold Bank, (EUR 95 M), the European Investment Bank (EUR1.03 B), and the European Bank for Reconstruction and Development (EUR 280 M).

They will be invested in Greece, Romania, Bulgaria, Serbia and Turkey.

The bank said that EUR 600 M will be used for lending Greece, while EUR 805 M will be used to invest in the other four countries in the region.

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Tags: European Bank for Reconstruction and Development, European Investment Bank, International Finance Corporation, Post Bank, Eurobank, greece, Romania, Bulgaria, Serbia, turkey


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