BSTDB Increases Support to Small and Medium-Sized Business in Russia
Press Release | 15-Dec-2001
Following its strategic priority to support small and medium-sized business development in the Black Sea region, BSTDB will make available a US$ 4 million Facility to KMB Bank (Small Business Credit Bank), which was selected as a BSTDB financial intermediary in the Russian Federation.The Facility carries a tenor of 3 years and will be used by KMB Bank to on-lend financial resources to Russian small and medium-sized enterprises (SME) for viable projects. SME with less than 200 employees and assets not exceeding US$ 2 million are eligible for consideration under the Facility.
KMB Bank started its operations in Russia in 1999 serving and promoting micro-, small and medium-sized businesses. The Bank’s shareholders are the European Bank for Reconstruction and Development, the Soros Economic Development Fund (USA), the German state investment fund (DEG), and Stichting Triodos-Doen (The Netherlands). KMB Bank has a wide network of branches and representative offices in 15 regions and 35 cities of the country, including southern Russia, an area in which some of the Facility is likely to be used. As of November 2001, KMB Bank had granted over 17 000 loans totaling US$217 million.