Annual Report - Raiffeisen Bank Kosovo JSC

Financial Statements
11. Borrowings
31 December 2006 31 December 2005
European Fund for Southeast Europe – KfW loans 11,806 4,692
Participating Loan – Raiffeisen Bank Albania 3,866 1,003
European Bank for Reconstruction and Development 2,006 -
Total borrowings 17,678 5,695
The Bank signed a framework agreement on 8 February 2005 with the Kreditanstalt fur
Wiederaufbau, Frankfurt am Main (“KfW”) for the purpose of obtaining loans from European Fund
for Kosovo (“EFK”). KfW is managing the EFK which has been funded by the European Agency for
Reconstruction (“EAR”). The purpose of the fund is to refinance sub-loans to borrowers in Kosovo
for the purpose of housing activities and small and medium enterprises (SME) and according to the
criteria established by EFK. European Fund for Southeast Europe (EFSE) has taken over EFK on 15
December 2005.
KfW: The Bank has received three loans from KfW and repaid three instalments during 2005 and
2006. The first loan was received during the first part of the year 2005 for the amount of EUR 2
million. The second loan of EUR 2.9 million was received during the second half of 2005. The
third loan was received during the first half of 2006 for EUR 8 million. All borrowed funds have a
grace period of six months and a five year maturity period. The interest rates are variable based on
EURIBOR plus a margin percentage, which is fixed between 2-3%.
Raiffeisen Bank Albania: The interest rate is fixed at 4.3%, an associated guarantee fee is fixed at
5%, and the repayment is linked to the client repayment schedule. The loan has a grace period of six
months and a maturity period of five years.
European Bank for Reconstruction and Development (“EBRD”): The first amount received in 2006
was EUR 2 million. The loan has up to one year grace period and will be payable in five years. The
interest rate is variable based on EURIBOR plus a margin percentage of 3%. As at 31 December
2006, the Bank had available EUR 5 million (31 December 2005: Nil) of undrawn committed
borrowing facilities.
In the borrowings amount as at 31 December 2006 is included an accrued interest amount of EUR
160 thousand (31 December 2005: 18 thousand).
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www.raiffeisen-kosovo.com Supervisory Board Management Board Organisational Structure Vision and Mission RZB and RI .