Banc Post has been granted a 20 million-euro loan due in 11 years from the European Bank for Reconstruction and Development (EBRD). It will use the loan to fund mortgages. The bank is also carrying out a capital increase worth 19.4 million euros. The agreement represents the second funding of this kind EBRD has provided to the Romanian bank this year. Banc Post chairperson Elena Petculescu says about 2,000 people have been granted mortgages out of the first instalment of 20 million euros and that the bank has approved a further 5,000 mortgages. Jean-March Peterschmitt, head of EBRD's Bank lending arm, explained that of the total investments of the European bank on the Romanian market of 2.5bn euros, more than 600 million euros were financial investments. "The funding provided by EBRD for mortgages amounted to 115 million euros. Our role is to supply the long-term funds required by the development of the housing credit market," Peterschmitt added. ZF
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