EBRD has also initiated a syndicate with the major Israeli banks to finance industrial projects in Romania, Russia, and Ukraine
David Arzi, chairman of the Israel Export and International Cooperation Institute, said last week that the European Bank for Reconstruction and Development (EBRD) had increased its co-operation with Israeli companies last year.
Arzi noted that the EBRD had signed five financing contracts, worth an aggregate $300 million, for Israeli projects in Eastern European countries.
The EBRD, according to Arzi, will participate in the financing of a Tnuva Food Industries Ltd. project in Romania, an IDI - Israel Direct Insurance Ltd. venture in Russia, a real estate projects of Fishman Holdings in Russia, and large real estate projects of BSR Europe Ltd. and Kardan NV
The EBRD has also initiated a syndicate with the major Israeli banks: Bank Hapoalim Bank Leumi and Mizrahi Tefahot Bank to finance industrial projects in Romania, Russia, and Ukraine.
Bank of Israel representative on the EBRD, Dr. Hedva Ber, noted that the partnerships between the EBRD and Israeli companies would undoubtedly reduce the political and financial risks for the Israeli companies involved in projects in Eastern European and CIS countries.
Ber noted that partnership with the EBRD will make it easier for Israeli companies to obtain financing from international commercial banks.