Skopje; Prague, March 27 (RFE/RL) - A leading private bank in the Republic of Macedonia has received a $10 million investment and loan package from the European Bank for Reconstruction and Development (EBRD).
The EBRD says the money is to be used to increase term lending operations to private companies and state firms that are undergoing privatization.
EBRD President Jacques de Larosiere said Komercijalna Banka is expected to "play a key role in advancing the transition process" in the former Yugoslav republic. De Larosiere said the EBRD intends to help the bank increase its offerings to private sector clients as the country prepares for privatization and restructuring.
Komercijalna Banka is a commercial and savings bank that provides loans and guarantees deposit facilities in local and foreign currencies to the corporate sector. It also provides international banking services to corporate and retail clients.
The EBRD package includes an investment of about $2.6 million and a convertible loan of more than 7 million dollars. The EBRD will have direct representation on Komercijalna Banka's board.