In the upcoming period a transfer of over SKK 2 bn is expected, being a loan from European Investment Bank (EIB) to Všeobecná úverová banka. The top representatives of both institutions signed the documentation to the loan for 15 years, which can be granted at a fixed and floating rate, in December 2002. „I consider the signing of the contract an event of great significance, since from VUB’s point of view the loan is extended under favourable conditions. These funds will be used for development of municipal infrastructure, which should result in further enhancement of Slovakia’s economy prior to its entry into the EU,“ commented Tomas Spurny, CEO and Chairman of the Management Board of VUB.

The loan, covered by IntesaBci guarantee issued to the benefit of EIB, represents an important source of inexpensive long-term EURO funds. Cooperating with EIB, the bank will thus support the development of Slovakia’s infrastructure in areas such as construction and reconstruction of sewage plants, water mains, sewerage, municipal waste incineration plant, municipal heating plant, etc. The funds may also be used in the SME projects support. In close cooperation, both banks will assess each individual project, which may be funded only if approved by both EIB and VUB. A minimum transaction volume of EUR 40 thousand and maximum volume of EUR 25 mil condition the projects; each bank provides half of the funds. Apart from this loan, in 2003 further mutual cooperation of the two banks in financing similar projects in the area of Slovakia’s infrastructure is planned. Based on its previous experience, the management of VUB sees a great potential therein.

The European Investment Bank, Luxembourg, is the European Union’s house bank for financing long-term capital investment projects. While the bulk of its loans regularly go to projects in the EU -especially in its lesser developed regions, the Bank’s activities financing in the Accession Countries is growing fast and has already reached some 10 per cent of its lending volume. In addition to its main activities concentrated in the present and future EU Countries, EIB may also finance projects – although on a more limited scale – in some 150 developing countries around the world, which have cooperation agreements with the EU. EIB is the largest multilateral bank and raises on the world’s capital markets most of the funds needed for its lending.

Všeobecná úverová banka, a.s., member of the banking group Intesa, takes a forefront position in the Slovak financial market in the area of „active“ as well as „passive“ deals, supported by its 22 % share in total deposit volume and 14 % share in total loans extended to clients.