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. Last Updated: 07/27/2016

EBRD Bank Planned

LONDON -- The European Bank for Reconstruction and Development plans to set up a bank specializing in small loans in Russia, an EBRD spokesman said Thursday.

He said the bank will be run by the EBRD's Small Business Fund, which extends loans to small and medium-sized businesses.

The project is at its preparatory stage, and may start operations this year, the spokesman said.

He declined to reveal other details about the bank.

At the third annual American-Russian investment forum, held in

Boston earlier this month, EBRD Vice President Charles Frank said such a bank is needed because amid the nation's economic turmoil it is difficult to finance Russian enterprises through Russian banks.