EBRD raises money for BRD

On November 7, the Board of the European Bank for Reconstruction and Development (EBRD) will discuss a project for syndicated funding for BRD-SocGen. The total sum could reach 200 million euros, according to data published on the international institution’s site. BRD, the second biggest bank on the market, was to be granted a first instalment of 70 million euros, with the remainder of funding expected to be raised through syndication with two or three commercial banks. Since the announcement, EBRD has removed the information pertaining to this project from its site, specifying just that both the total value of the project, and the sum covered by the institution “are to be confirmed”. “The project will provide backing for a strong local bank, making long-term funding resources available,” says the EBRD.