ZAGREB (Croatia), June 7 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it is considering providing a senior loan of up to 40 million euro ($50.2 million) to Croatia’s Erste&Steiermarkische Bank.
The funds will be used for on-lending to micro, small and medium-sized enterprises (SMEs) and corporate clients, the EBRD said in a statement posted on its website.
"The EBRD’s facility will, in particular, be channelled to the real economy via long-term investment loans, working capital facilities as well as other financial products, like factoring to respond to current operational challenges faced by private companies and help them enhance their competitiveness in the advent of Croatia’s accession to the European Union in 2013," the statement said.
The proposed funding is pending board review on July 10.
($ = 0.7962 euro)