Volksbank CZ, a. s. has obtained from the European Investment Bank a credit line of EUR 20mn under the European Commission's PHARE programme. These funds will be provided for small and middle-sized companies and municipalities in the Czech Republic.

Under the programme, Volksbank CZ will finance small and middle-sized investment projects, up to 50% of their total costs. Funds will be directed particularly towards protection of the environment, energy-saving projects, infrastructure and industry, education, health care facilities, tourism, and other areas.

Volksbank CZ will use this credit to support long-term funding of important investment goals in the above areas, which are boosting economic growth of the Czech Republic and also facilitating its full involvement in the European Union.

Such support for investment plans of small and middle-sized firms or municipalities is in accord with our bank's strategy - to be a bank for this segment and build mutually advantageous business relationships in the finance field.