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WASHINGTON -- The World Bank has approved a $10 million loan to help the former Soviet republic of Estonia accelerate its reforms and create strong, stable and competitive financial institutions.
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.
$10 Million for Estonia
20 October 1994
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