Information for fruit and vegetables business in CIS
EBRD granted Bank Aval $20 mln for financing agricultural enterprises
European Bank for Reconstruction and Development (EBRD) started a $20 mln credit line for Bank Aval to finance agricultural enterprises, having at $7 million increased the limit of the latter bank for this programme.
According to Andriy Rozhok, Finance Risks Department Manager of the Bank Aval, the mentioned credit line will run for 1 year. Short-term credits will be given under security of the commodities stored.
Bank Aval's press-service comments that credits will be given to the target borrowers (the farming enterprises) without any co-ordination with National Bank of Ukraine, since the credit line has been opened directly for Bank Aval and does not foresee any state guarantee.
According to Rozhok, it is the 3rd time that Bank Aval has been granted such a credit line for financing agricultural enterprises. Moreover, the amount of the limit has been constantly growing: in 2003 it was $13 million, in 2002 - $10 million. Bank Aval has fully accomplished all its liabilities to EBRD under two previous deals.