URSA Bank gets $125m from IFC

7 March 2008 (08:07)

URSA Bank took a two-tranche loan worth $125m altogether from the International Finance Corporation. The first $50m tranche was provided by the IFC itself for four years, while the remaining $75m were offered to URSA Bank in a syndicated loan format by the IFC, Citigroup Global Markets, and ICICI with the interest rate determined at LIBOR + 120 basis points for two years.

URSA Bank reports this transaction signifies that the bank is trusted despite the current difficulties on the market and is capable of attracting resources at low interest rates. URSA Bank will use the money for trade financing, offering loans to small and medium-scale businesses, and financing energy-saving programs.

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