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PRISTINA (Kosovo), February 14 (SeeNews) – The European Bank for Reconstruction and Development said on Friday it is considering the provision of a 3.0 million euro ($3.3 million) loan to Kosovo's microfinance institution Kreditimi Rural i Kosoves (KRK) for on-lending to micro, small and medium-sized enterprises (MSMEs).
“The loan will support expansion of KRK's MSME lending and extend the maturity of the entity's liabilities,” the EBRD said in a press release.
The loan will be provided in two tranches, a first tranche of 2 million euro and a second, uncommitted, tranche of 1 million euro, under the Financial Intermediaries Framework (FIF), the bank said.
The loan will have a three-year tenor, consisting of up to 1 year of grace period and 2 years for principal repayment.
KRK is the third largest microfinance institution in Kosovo by gross loans with a network of 26 branches throughout the country. the EBRD said. It provides access to finance to low-income individuals in rural and urban areas of Kosovo, prioritizing the agricultural sector.
KRK became an EBRD client in 2012 when the bank provided a credit line for small enterprises and has remained among the key financial institutions for the bank to reach underserved MSMEs in Kosovo.
($ = 0.92071 euro)