EBRD Offers Credit to VTB Bank Georgia

The European Bank for Reconstruction and Development (EBRD) has allocated financial resources for VTB Bank Georgia.

As representatives of the banks stated at a briefing yesterday, the credit amounts to USD 7 mln issued for a period of five years, two of which will constitute a grace period.

According to the Director of Retail department of VTB Bank the loan aims at expanding or upgrading existing business, financing current assets and investment projects.

In the frame of the credit to VTB Bank, loans will be issued at 12% interest per annum. The maximum loan amount is USD 1 mln or its equivalent in GEL or EUR and the maximum credit term is seven years.

EBRD spokesman Irakli Mekvabisvili said that the EBRD continues its fruitful cooperation with VTB Bank.

In addition, in the near future EBRD and VTB Bank will put together another agreement to provide credit for agricultural producers.

EBRD and VTB Bank have been collaborating since 1997. (Prime-News)