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EBRD doubles credit line limit for MTBank under Trade Facilitation Program

The European Bank for Reconstruction and Development (EBRD) has extended from $5 million to $10 million the limit of its line of credit for Belarus' Minsk Transit Bank (MTBank) under its Trade Facilitation Program, BelaPAN reports.

The private bank has already exceeded the previous limit of the credit line, according to Andrey Zhyshkevich, chairman of the board.

"The increase of the EBRR [credit line's] limit expands MTBank clients' trade opportunities abroad, cuts the cost of loans and simplifies the procedure of imports," the executive said. The bank can borrow money under the increased credit line on condition that the funds are distributed among clients in short-term loans. "Along with bank guarantees and letters of credit, short-term bank loans are in exceptionally high demand among companies that trade with foreign partners," Mr. Zhyshkevich said.