EESTI ÜHISPANK

ANNOUNCEMENT

28.01.99

 

 

IFC PROVIDES FINANCING TO EESTI ÜHISPANK

 

Today,  on  January  28,  1999  the  International Finance Corporation

(IFC) agreed to a financing  package that will help Eesti 

Ühispank (Estonian Union Bank),  the second largest bank in  the

Baltics,  to  respond  to  the  growing  demand for housing finance in

Estonia by providing  affordable, residential mortgages  to individual

homebuyers.

 

The  eight-year  loan  of  up  to  DM32.375 million (US$19.196 million

equivalent),  and  an  option  to  acquire  an  equity  stake of up to

DM32.375 million (US$19.196 million equivalent) in Ühispank, are  part

of  IFC's  effort  to  promote  the availability of affordable housing

finance for individual homebuyers.

 

For further information, please contact:

 

Mr. Edward Strawderman       Mr. Margus Schults       Mr. Boo Ehlin

Investment Officer           Vice President           Press Officer

International Finance        Eesti Ühispank           Skandinaviska

Corporation                                           Enskilda Banken

Tel: +1 202 473 3538         Tel:+372 6 110 600       Tel:+4687638577