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EBRD grants Erste Bank €100 million

The European Bank for Reconstruction and Development (EBRD) has granted Erste Bank Hungary a €100 million loan to finance SME lending, Erste Bank Hungary said on Friday.

Erste Bank Hungary may use the loan to sign contracts up to €1.5 million with independent Hungarian SMEs with at most 249 employees and annual revenue of no more than €50 million.

The loan is part of €24.5 billion in financing the EBRD, World Bank and European Investment Bank said in February that it would make available for the region's banking sector.

The EBRD has provided financing of some €2.6 billion for more than a hundred projects in Hungary. The projects include infrastructure developments as well as investments in the corporate, energy and financial sectors.

Erste Bank Hungary serves almost 900,000 clients at 203 branches around the country. The bank had total assets of HUF 2,630 billion on December 31, 2008. The bank's 2008 net profit came to HUF 32.3 billion. (MTI-ECONEWS)