EFSE opens $7 mln credit line for Ukrainian Megabank
KYIV. April 24 (Interfax-Ukraine) - The European Fund for Southeast Europe (EFSE) has opened a five-year line of credit of $7 million for Megabank (Kharkiv), the bank said in a press release.
The loan agreement was signed on April 16. The money will be used to finance agriculture projects as well as to finance private entrepreneurs working in the agriculture industry.
EFSE and Megabank began working together in 2008. As of April 2012, four projects totaling $27 million are being implemented as part of this cooperation aimed at supporting micro- small- and mid- sized businesses.
EFSE, which was organized by Germany's Kreditanstalt fur Wiederaufbau, was established in December 2005. It is a major micro-finance investment fund with an investment portfolio of 562 million euros.
Megabank (former Dobrody Bank) was founded in 1990. As of January 1 2012 the major shareholders were CJSC M-Invest (49.9%), the European Bank for REconstruciton and Development (15%), Kreditanstalt fur Wiederaufbau (15%), and Viktor Subotin (4.99%, indirectly - 55.1565%).
The National Bank of Ukraine reported that on January 1 2012, Megabank was ranked number 40 by asset value among Ukraine's 175 banks.
