The loan brings the bank's total lending to Estonia to $90.4 million.
The bank said the new project, approved Tuesday, would provide long-term funds to financial enterprises that are being restructured while helping commercial banks reduce their lending risks by increasing training in credit evaluation and risk asset management.
It said the project would also help stabilize the financial sector through the recapitalization, restructuring and subsequent privatization of the North Estonian Bank, the only bank still 100 percent owned by the state.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.