EBRD increased TFP facility limit for LOCKO-Bank up to USD47.5 million

On 20 June 2008 the European Bank of Reconstruction and Development (EBRD) increased the TFP facility limit for LOCKO-Bank by another USD10 million.

The TFP Issuing Bank Agreement was signed between LOCKO-Bank and EBRD in September 2005. Increased volume of trade finance operation with EBRD contributed to their decision to provide a larger TFP limit for the bank.

As part of TFP Program, the Revolving Credit Agreement in Russian roubles for clients financing was signed in May 2008 at the EBRD Annual Meeting. It will allow LOCKO-Bank to refinance rouble loans granted to clients for foreign-trade operations.

LOCKO-Bank also obtained from EBRD long-term financing for the development of Bank’s SME program. In 2007 LOCKO-Bank was granted a US$20 million subordinated loan.

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