VTB Bank and the European Investment Bank signed a framework loan agreement aimed at expanding small and medium business financing capabilities.
The agreement was signed by Deputy President and Chairman of the Management Board of VTB Bank Mr. Herbert Moos and Vice-President of the European Investment Bank Mr. Wilhelm Molterer.
Under the agreement the parties plan to develop a medium- and long-term
financing to SME (small and medium-sized enterprises) and mid-cap companies. In particular, the agreement stipulates granting of multi-currency tranches of up to 10 years maturity and 18 months disbursement period.
The European Investment Bank (EIB) is the European Union's nonprofit financial institution, owned by the member states. The Bank provides long-term financing to achieve the objectives of EU policy. The EIB finances projects in Russia and Eastern Neighbourhood countries in accordance with the mandate from the EU Council and the European Parliament to operate in the Eastern partner-countries (Ukraine, Moldova, Georgia, Armenia, Azerbaijan and Russia).