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Borrowers of Bank Center-invest will receive new international guarantees

On June 19, 2002 representatives of U.S. Agency for International Development (USAID) visited Bank Center-invest. During the meeting an agreement was achieved on expansion of USAID guarantee line for loans given by the Bank to small and micro enterprises up to USD 6 million.

In spring 2002 the U.S. Agency for International Development was a guarantor of the Bank's loans for a total sum USD 2 million. Today Center-invest has issued loans to the Don small enterprises for the sum RUR 10 million within the agreement with USAID.

As monitoring the USAID representatives visited a number of Rostov enterprises, which had received loans within the guarantee line. As a result of analysis of USAID and Center-invest joint program, the decision was achieved on increase of the guarantee sum, decrease of interest rates for loans, and inclusion of medium enterprises of the Rostov region into the number of potential borrowers.

During the negotiations there was discussed a possibility of receiving USAID guarantees for loan lines to Bank Center-invest from Russian and foreign banks.

Visitors from Washington got favorable impression not only of Bank Center-invest competent work, but also of the information on qualitative changes in investment policy of Rostov region Administration. They included development of branch programs for support of small businesses, transition from budget financing to subsidizing interest rates of the loans given by commercial banks to small and medium enterprises.