August 12 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has approved a senior loan of up to 15 million euro ($17.6 million) to Intesa Sanpaolo Bank Bosnia and Herzegovina for on-lending to eligible clients suffering from the economic impact of the coronavirus pandemic.
The project is approved under the Bank's Resilience Framework, as part of its response to the Covid-19 pandemic, and will help to ensure the resilience and preserve competition of Bosnia's financial sector, the EBRD said in a statement on Tuesday.
The loan will allow Intesa Sanpaolo Bank Bosnia and Herzegovina (ISP BiH) to answer the liquidity needs of its clients who are experiencing a decrease in activity, turnover and profitability leading to payment delays and liquidity issues for the whole economy, the EBRD said.
Sarajevo-based ISP BiH is the third largest lender in Bosnia, with assets totalling 1.19 billion euro and a 7.2% market share as at the end of 2019, the EBRD noted.
It has 48 branches across Bosnia and Herzegovina.
($=0.850764 euro)
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