OREANDA-NEWS. September 24, 2013. Priorbank and the European Bank for Reconstruction and Development (EBRD) signed a Loan Agreement to the principal amount of EUR 10 million with a tenor of 5 years. It will be used for the development of the private micro, small and medium enterprise sector in the Republic of Belarus.

The similar MSE/SME USD 20 million loan facility was granted to Priorbank by the EBRD in 2007. Participation in this program, implemented by the bank, is a very important competitive advantage of Priorbank and supports the expansion of its customer base.

"The considerable demand of the private micro, small and medium enterprises for credit resources encouraged us to increase the financing of this sector. Earlier the EBRD has played an important role in the formation of Priorbank as a foreign private bank and now we are counting on the active continuation of our cooperation in the future", said Sergey Kostyuchenko, CEO of Priorbank.

"With this Loan Agreement the EBRD confirms its intention to promote the development of the private sector and to support market mechanisms in the Belarusian economy", said Bruno Balvanera, CEO of EBRD responsible for Caucasus, Moldova and Belarus.