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DEG granted to Bank Center-invest a credit line for lending to SMEs and mortgage lending

On April 19 German corporation for investments and development DEG and OJSC credit bank Center-invest have signed an agreement, which declares the granting of credit line to Bank Center-invest to the amount of USD 7.5 million. The line is granted to Bank Center-invest for the term of 5 years and is aimed at lending to SMEs and mortgage lending to individuals.

DEG Deutsche Investitions und Entwicklungsgesellschaft mbH (German Investments and Development Corporation) was founded in 1962. It is a governmental finance and consultation company, which is specialized in matters of international development of Germany. The aim of organization activity is assistance to the growth of developing countries and of countries with transitional economy via the private sector support. DEG is specialized in granting medium and long-term investments and possesses rich experience of project realization in 80 countries of the world including Russia.

DEG corporation is a part of bank group KfW. Let us remind you that in December 2004 bank KfW granted a line to Bank Centeer-invest for lending to SMEs of the South of Russia to the amount of 6 million euro for the term of 6.5 years. KfW line is meant for the industrial sector enterprises, and enterprises of service and trade spheres. Maximum amount of credit in the frames of KfW line is 125 thousand euro for the term of 4 years.

At present the largest international banks have granted credit and guarantee lines to Bank Center-invest to the amount of over USD 70 million.