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Dec 23, 2009 17:22 EEST
December 23 (SeeNews) - The European Bank for Reconstruction and Development said on Wednesday it extended a 2.0 million euro ($2.9 million) credit line to Albania's Union Bank for on-lending to small and medium-sized enterprises (SMEs).
"The proceeds of the EBRD credit line will be used to provide working capital and capital investment financing for small and medium-sized businesses in Albania," EBRD said in a statement.
"Supporting the real economy and strengthening the financial sector are among the EBRD’s core priorities in Albania and we are pleased to support Union Bank in its drive to expand activities throughout the country," Daniel Berg, Head of the EBRD Office in Albania, said in the statement.
Union Bank, set up in 2005, is a privately-owned universal bank, in which the EBRD holds a 12.5% stake. Union Bank has a strong regional network, operating throughout Albania via 31 branches.
"While much of the banking world is retrenching lending activities, Union Bank is looking to use new resources to develop new lending opportunities," the bank's chairman Edmond Leka said.
Since the beginning of its operations in Albania, the EBRD has committed 545 million euro in projects in infrastructure, corporate, energy and financial sectors, which attracted additional investments of 945 million euro.
($ = 0.7016 euro)
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