foir print

28.08.2008

Center-invest Bank has become the first Russian bank to receive an EBRD loan to develop agriculture in the Southern Federal District.

Center-invest Bank and the European Bank for Reconstruction and Development (EBRD) have signed an agreement granting Center-invest a RUR600m five-year credit line to finance agriculture in southern Russia. Center-invest is the first Russian bank to have secured EBRD investment for the agricultural sector.

Center-invest Bank is working hard to bring investment into the economy of southern Russia. It has already drawn down the first tranche of the EBRD credit line (RUR400m). In the first six months of 2008 Center-invest obtained credit lines from the EBRD, KfW (Germany's state bank), and the Russian Bank for Development. It also received international syndicated loans. Finance from these sources totalled more than RUR6bn.

'Agriculture is one of the leading sectors in the Southern Federal District,' says head of the agribusiness lending department, Aleksandr Bets. 'Our objective is to make it competitive internationally. In the first six months of 2008 Center-invest obtained credit lines from the EBRD, KfW (Germany's state bank), and the Russian Bank for Development. Total funds attracted by the bank in the first half of 2008 amounted to more than RUR6bn.'

As part of its 'South of Russia +' strategy, Center-invest Bank is facilitating the development of agribusiness in the south of the country. The bank finances agricultural development projects and it runs programmes designed to help agricultural companies become more efficient and introduce modern methods based on international best practice.