Loan agreement – 4 Bubbly http://4bubbly.com/ Wed, 23 Nov 2022 17:45:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://4bubbly.com/wp-content/uploads/2021/10/profile-120x120.png Loan agreement – 4 Bubbly http://4bubbly.com/ 32 32 EIB and MedinCell sign new €40 million loan agreement to support the development of innovative treatments https://4bubbly.com/eib-and-medincell-sign-new-e40-million-loan-agreement-to-support-the-development-of-innovative-treatments/ Wed, 23 Nov 2022 16:45:00 +0000 https://4bubbly.com/eib-and-medincell-sign-new-e40-million-loan-agreement-to-support-the-development-of-innovative-treatments/ [ad_1] JACOU, France, November 23, 2022–(BUSINESS WIRE)–Regulatory news: The new loan signed between the European Investment Bank (EIB), backed by the Investment Plan for Europe, and the pharmaceutical company MedinCell (Paris:MEDCL) is intended to support the development of the company’s portfolio of innovative treatments . MedinCell’s portfolio is already composed of several long active injectable […]]]>

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JACOU, France, November 23, 2022–(BUSINESS WIRE)–Regulatory news:

The new loan signed between the European Investment Bank (EIB), backed by the Investment Plan for Europe, and the pharmaceutical company MedinCell (Paris:MEDCL) is intended to support the development of the company’s portfolio of innovative treatments . MedinCell’s portfolio is already composed of several long active injectable products at the preclinical and clinical stage. A first product using MedinCell’s BEPO® The technology is expected to hit the US market in the first half of 2023.

With this new loan granted by the EIB after a previous one of 20 million euros in 2018, also supported by the Investment Plan for Europe, MedinCell will continue its mission to address major global health challenges with treatments of breakup. MedinCell’s long-acting injectable technology, BEPO® can be used to develop innovative treatment options in many therapeutic areas such as schizophrenia, contraception, malaria, pain management, etc.

BEPO® makes it possible to control and guarantee the delivery at an optimal therapeutic dose of a treatment for several days, weeks or months via a simple injection which creates a completely bioresorbable deposit. BEPO® is designed to potentially provide more effective treatments, improve patient compliance, improve accessibility to treatments and reduce the environmental footprint of treatments.

Christophe Douat, CEO of MedinCell, said: “This new loan with the EIB gives MedinCell the means to continue to innovate and develop long-acting treatments in many therapeutic areas that can be a game-changer for patients and caregivers. We are proud to collaborate on again with the EIB, a strategic partner that supports our humanistic pharma business model and our mission to improve the health of patients worldwide.”

Ambroise Fayolle, Vice-President of the European Investment Bank added: “Supporting healthcare innovation to improve patient well-being is a top priority for the EIB. This second loan to Medincell reflects our strong commitment to innovative companies in their own area. As an EU bank, it is important to empower them to develop technologies that will help, in the case of Medincell, to heal people who need treatment in many therapeutic areas. This loan will help improve accessibility, care and quality of life for patients in Europe.”

Economy Commissioner Paolo Gentiloni said: “We are committed to improving the quality of life of EU citizens by investing in innovation in healthcare. This investment, guaranteed by the Investment Plan for Europe, demonstrates this and helps to strengthen Europe’s position at the forefront of healthcare research and development.

About the EIB

The EIB is the long-term financing institution of the European Union (EU) and its shareholders are the 27 EU Member States. Its mission is to contribute to the integration, balanced development and economic and social cohesion of EU Member States. It borrows large volumes of funds on the capital markets and lends them on very favorable terms to support projects that contribute to the achievement of EU objectives. The EIB is working to put the EU at the forefront of the next wave of innovation, particularly in the health sector. In response to the Covid-19 health crisis, the EIB has released €6 billion for investments in the health sector to support medical infrastructure, additional research activities or other funding related to vaccines and to treatments. As a European climate bank, the EIB is one of the main financiers of the green transition towards a more low-carbon and sustainable growth model.

About MedinCell

MedinCell is a pharmaceutical company in the pre-marketing phase that is developing a portfolio of long-acting injectable products in various therapeutic areas by combining its proprietary BEPO® technology with active ingredients already known and marketed. Through the controlled and prolonged release of the active pharmaceutical ingredient, MedinCell makes medical treatments more effective, in particular thanks to better compliance, i.e. compliance with medical prescriptions, and a significant reduction in the quantity of medication required. as part of a one-time treatment or chronic treatment. The BEPO® makes it possible to control and guarantee the regular delivery of a drug at the optimal therapeutic dose for several days, weeks or months from the subcutaneous or local injection of a simple deposit of a few millimeters, entirely bioresorbable. MedinCell works with leading pharmaceutical companies and foundations to improve global health through new treatment options. Based in Montpellier, MedinCell currently employs more than 150 people representing more than 30 different nationalities. www.medincell.com

About the European Fund for Strategic Investments (EFSI)

The European Fund for Strategic Investments (EFSI) is the central pillar of the Investment Plan for Europe. It provides first-loss guarantees, allowing the EIB to invest in more and often riskier projects. Projects and agreements approved for financing under the EFSI are expected to mobilize €524.3 billion of investments and support more than 1.4 million small and medium-sized enterprises across the European Union . Building on the successful model of the Investment Plan for Europe, the new InvestEU program aims to give an extra boost to investment, innovation and job creation in Europe in the 2021 period. -27. With the aim of triggering a new wave – over €372 billion – of investments using an EU budget guarantee.

This press release contains forward-looking statements, including statements regarding the Company’s expectations regarding (i) the timing, progress and results of its clinical trials; (ii) the clinical benefits and competitive positioning of its product candidates; (iii) its ability to obtain regulatory approvals, start commercial production and achieve market penetration and sales; (iv) its future product portfolio; (v) its future partnership agreements; (vi) its future capital needs, capital expenditure plans and ability to obtain financing; and (vii) possible financial matters relating to our business. Although the Company believes that its expectations are based on reasonable assumptions, all statements other than statements of historical fact that may be contained in this press release regarding future events are forward-looking statements and are subject to change without notice, factors beyond the control of the Company and the financial capabilities of the Company.

These statements may include, but are not limited to, any statement beginning with, followed by, or including words or phrases such as “aim”, “believe”, “anticipate”, “expect”, “plan” , “aim”, “intend”, “may”, “anticipate”, “estimate”, “plan”, “project”, “will”, “may”, “probably”, “potential”, ” should”, “could” and other words and expressions of the same meaning or used in negative form. Forward-looking statements are subject to inherent risks and uncertainties beyond the control of the Company which may, where applicable, cause actual results, performance or achievements to differ materially from those anticipated or expressed explicitly or implicitly by such forward-looking statements. . The list and description of these risks, uncertainties and uncertainties appear in the documents filed by the Company with the Autorité des Marchés Financiers (the “AMF”) in application of its regulatory obligations, including the Company’s registration document , registered with the AMF on September 4, 2018, under number I. 18-062 (the “Registration Document”), as well as in the documents and reports to be published subsequently by the Company. In particular, the reader’s attention is drawn to the “Risk Factors” section on page 26 of the Registration Document.

All forward-looking statements made by or on behalf of the Company speak only as of the date on which they are made. Except as required by law, the Company undertakes no obligation to update publicly these forward-looking statements or to update the reasons why actual results could differ materially from those anticipated by the forward-looking statements, including in the should new information become available. The Company’s updating of one or more forward-looking statements does not imply that the Company will make additional updates to such forward-looking statements or other forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

This press release is for informational purposes only. The information contained in this document does not constitute an offer to sell or a solicitation of an offer to purchase or subscribe for shares of the Company in any jurisdiction whatsoever, in particular in France. Likewise, this press release does not constitute investment advice and should not be treated as such. It is not linked to the investment objectives, financial situation or specific needs of a beneficiary. It should not deprive recipients of the opportunity to exercise their own judgement. All opinions expressed in this document are subject to change without notice. The distribution of this press release may be subject to legal restrictions in certain jurisdictions. Persons viewing this press release are encouraged to inform themselves about and to observe any such restrictions.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221123005381/en/

contacts

Press contacts

Medicell:
David Heuse, david.heuze@medincell.com, +33 6 98 52 47 50

European Investment Bank: Christophe Alix, c.alix@eib.org, +33 6 11 81 30 99
www.eib.org/press – press department: +352 4379 21000 – presse@eib.org

European Commission
Flora Matthaes, flora.matthaes@ec.europa.eu, +32 2 298 39 51

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Pakistan and AIIB sign $500 million loan agreement under BRACE initiative https://4bubbly.com/pakistan-and-aiib-sign-500-million-loan-agreement-under-brace-initiative/ Fri, 11 Nov 2022 07:07:00 +0000 https://4bubbly.com/pakistan-and-aiib-sign-500-million-loan-agreement-under-brace-initiative/ [ad_1] KARACHI – Pakistan and the Asian Infrastructure Investment Bank (AIIB) have signed a $500 million loan agreement that will provide respite to the South Asian country’s strained economy. The AIIB is providing the loan under the Building Resilience with Active Countercyclical Expenditures (BRACE) program, which is a financing initiative of the Asian Development Bank […]]]>

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KARACHI – Pakistan and the Asian Infrastructure Investment Bank (AIIB) have signed a $500 million loan agreement that will provide respite to the South Asian country’s strained economy.

The AIIB is providing the loan under the Building Resilience with Active Countercyclical Expenditures (BRACE) program, which is a financing initiative of the Asian Development Bank (AfDB) aimed at building the resilience of poor and vulnerable groups to socio-economic shocks. economic.

“The agreement was signed on the AIIB side by Konstantin Likitovskiy, Vice President of Investment Operations, and Awais Manzoor Sumra, Special Secretary for Finance on the Pakistani side,” the finance ministry said in a statement on Twitter.

He added that “the signing took place during the COP27 meetings in Sharm el-Sheikh in Egypt and in the presence of the Minister of Climate Change”.

Earlier this week, Finance Minister Ishaq Dar revealed that the AIIB board had approved the $500 million loan program for Pakistan.

“The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) today approved $500 million as co-financing for the Asian Development Bank-funded BRACE program for Pakistan,” said Dar. in a post on Twitter.

“These funds will be received by the State Bank of Pakistan in November 2022,” he announced.

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| ArmBanks.am https://4bubbly.com/armbanks-am/ Fri, 11 Nov 2022 06:10:23 +0000 https://4bubbly.com/armbanks-am/ [ad_1] Tuesday, November 15, 2022 – rss – Archive Error 404 not found Analytic 21.03.2022 14:44 Views : 0 21.02.2022 18:38 Views : 0 Interviews 09.02.2021 20:00 Views : 0 24.11.2020 14:43 Views : 0 Новости Армении Key words Calendar November 2022 M J O J F S S 1 2 3 4 5 6 […]]]>

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    SBI signs €150 million loan agreement with KfW to finance solar projects in India https://4bubbly.com/sbi-signs-e150-million-loan-agreement-with-kfw-to-finance-solar-projects-in-india/ Thu, 10 Nov 2022 05:46:51 +0000 https://4bubbly.com/sbi-signs-e150-million-loan-agreement-with-kfw-to-finance-solar-projects-in-india/ [ad_1] National Bank of India (SBI) has signed an agreement with Kreditanstalt für Wiederaufbau (KfW) to receive a low-interest loan of €150 million (~$150.66 million) to finance solar projects in India. The loan will mainly finance innovative technologies, such as automated dry cleaning of solar modules to reduce water consumption. The Ministry of New and […]]]>

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    National Bank of India (SBI) has signed an agreement with Kreditanstalt für Wiederaufbau (KfW) to receive a low-interest loan of €150 million (~$150.66 million) to finance solar projects in India. The loan will mainly finance innovative technologies, such as automated dry cleaning of solar modules to reduce water consumption.

    The Ministry of New and Renewable Energy has been recommend the use of robotic module cleaning technology, which uses less water to clean solar modules.

    The application of robotic cleaning solutions is also economical when the size of projects increases. The larger the project, the higher the cost of manual labor to clean the panels, driving utility developers and solar farm operators to opt for automated cleaning solutions.

    This is the second loan SBI has received from the German development bank. The first loan of 150 million euros (~$150.66 million) was granted in 2017 to finance larger solar farms of between 50 and 250 MW and the infrastructure to connect them to the electricity grid .

    More than 600,000 MWh of renewable energy will be produced each year by the projects financed by the loans. The measures will also reduce greenhouse gas emissions by 500,000 tonnes of CO2 per year.

    “We are helping the Indian government meet growing energy demand in environmentally friendly ways, including tapping into renewable energy sources and directing India’s electricity supply to greater use. solar energy. In this way, domestic and commercial electricity consumers benefit from environmentally and climate-friendly power generation,” said Christiane Laibach, member of the KfW Group Management.

    KfW plans raise €80 billion (~$90.35 billion) to €85 billion (~$96 billion) in funding in 2022, which will include at least €10 billion (~$11.3 billion) ) green bond issues.

    Last December, the Indian government and KfW sign agreements for a soft loan of 140 million euros (~$158.63 million) and a grant of 2 million euros (~$2.27 million) for an energy reform program in Madhya Pradesh . The project included the implementation of smart meters, advanced metering infrastructure and the separation of farm and non-farm power.

    Previously, REC Limited, a public infrastructure finance company involved in financing energy projects, had Between reached an agreement with KfW to benefit from an official development assistance loan of 169.5 million dollars.

    KfW and Bank of Baroda had announcement that they would provide $113 million in funding to refinance solar power projects in India under the Solar Partnership II – Promoting Solar Photovoltaic Power in India. Germany has pledged to provide financial support through the KfW development bank for solar PV investments.

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    SA signs €600m loan deal with France and Germany for cleaner energy https://4bubbly.com/sa-signs-e600m-loan-deal-with-france-and-germany-for-cleaner-energy/ Wed, 09 Nov 2022 08:00:00 +0000 https://4bubbly.com/sa-signs-e600m-loan-deal-with-france-and-germany-for-cleaner-energy/ [ad_1] This is on top of an $8.5 billion partnership between the US, Britain, France, Germany and the EU announced last year. South African rand banknotes. Photo: pixabay.com JOHANNESBURG – South Africa has signed loan agreements with France and Germany for 600 million euros to help the country get out of its dependence on coal. […]]]>

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    This is on top of an $8.5 billion partnership between the US, Britain, France, Germany and the EU announced last year.

    South African rand banknotes. Photo: pixabay.com

    JOHANNESBURG – South Africa has signed loan agreements with France and Germany for 600 million euros to help the country get out of its dependence on coal.

    The signing of the agreements took place during the COP27 climate change conference in Egypt.

    This is on top of an $8.5 billion partnership between the US, Britain, France, Germany and the EU announced last year.

    The French and German public development banks, AFD and KFW, provided the loans directly to the South African government through the national treasury.

    READ: Energy expert questions R9bn World Bank loan to reuse Komati

    The money is intended to support the country’s efforts to reduce its dependence on coal by moving towards cleaner energy sources.

    This follows the announcement of the Just Energy Transition Partnership at COP26 in November last year.

    JETP’s founding partners, known as the International Partners Group, have committed to raising an initial $8.5 billion over the next three to five years to move the partnership forward.

    The group noted that the coal sector in South Africa remains important to the country’s national economy and the livelihoods of many communities.

    But everyone agrees that South Africa needs to switch from coal to cleaner energy.

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    Lake County News, CA – Clearlake City Council Approves Proposed Loan Agreement with Developer for 36th Avenue Road Improvements https://4bubbly.com/lake-county-news-ca-clearlake-city-council-approves-proposed-loan-agreement-with-developer-for-36th-avenue-road-improvements/ Mon, 07 Nov 2022 09:56:01 +0000 https://4bubbly.com/lake-county-news-ca-clearlake-city-council-approves-proposed-loan-agreement-with-developer-for-36th-avenue-road-improvements/ [ad_1] LAKE COUNTY, Calif. — Clearlake City Council on Thursday approved a proposal in which the city will lend funds to a developer to complete road and storm drainage improvements on 36th Avenue. In a unanimous vote, council authorized City Manager Alan Flora to develop and execute the works loan agreement. Councilman Russell Perdock backed […]]]>

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    LAKE COUNTY, Calif. — Clearlake City Council on Thursday approved a proposal in which the city will lend funds to a developer to complete road and storm drainage improvements on 36th Avenue.

    In a unanimous vote, council authorized City Manager Alan Flora to develop and execute the works loan agreement. Councilman Russell Perdock backed out of the discussion due to the involvement of a family member.

    Flora’s written report to council explained that in 2020 the city negotiated an agreement with Lexington Construction to encourage the development of market-priced housing in the city.

    He said the deal provides 18 former redevelopment agency lots in Lexington at a reduced rate of $1,000 each.

    In return, Lexington agreed to build new single-family homes and build new road and storm drainage improvements in the area, including paving part of 36th Avenue, between Eureka Avenue and Phillips Avenue.

    However, as Flora would explain to the council, things did not go as planned.

    “This project wasn’t a very good example of a project, but here we are,” he said.

    Flora said Lexington had suffered a number of personal and professional setbacks, including the divorce of the couple who owned the business, and as a result it was difficult to move the project forward.

    Ultimately, as the project got underway, developer issues led to it being scrapped, Flora said.

    The city has the option under the agreement to “reclaim” the property if the work is not completed. However, Flora said it was a messy scenario that he wanted to avoid if possible.

    Flora said the developer’s wife received the properties in the divorce and brought a new development team to the table who were working to try and get this project back on track.

    He said they were working to complete two homes that had not been built to the original plans and setbacks, which required lot line adjustments and the relocation of a sewer line on which one of the houses had been built.

    Both of these homes are for sale and have active listings, Flora said.

    Fearing that the market has changed and the original plan may not be feasible, Flora said the developer may want to build the additional homes and rent them out instead of selling them.

    Some roadwork has also been done, but the developer has approached the city several times to see if the city can help complete the larger project, Flora said.

    Flora said he feels bad for the neighbors who had to go through this situation for several years.

    The proposal is for the city to provide up to $300,000 to the developer for construction of the new roadway, storm drainage improvements, and any remaining service work needed to complete the road.

    Flora’s written report explains that the funds would not be transferred directly to the developer but billed and paid directly to the contractors by the city. The loan would be secured by a loan agreement with a 3% interest rate and full payment due within 24 months, with additional security to be provided by immovable liens and/or personal guarantees from the developer.

    He said funding for the loan would come from the city’s housing fund and would not impact the general fund. Flora said he thought it was an authorized use of housing funds.

    “On the one hand, I really don’t like bringing this to you, but we need housing and this infrastructure really needs to be done,” said Flora, whose written report said it took “two years to almost complete two houses and see a measurable impact on the pavement.

    Councilor Joyce Overton said the road in that area needed fixing and had been horrible for years. She said she was fine with the plan as long as the city could secure it as best it could.

    Mayor Dirk Slooten asked if the city could put liens on the other 16 houses when they are finally built. Flora said they want to put a lien on as many houses as they can when they are built.

    He also said the developer expects the works to be completed within 18 months.

    “It’s a complicated situation,” adviser Russ Cremer said, adding that he wanted to secure the loan with the land. “We need to.”

    Flora said the matter had come to a head the previous week and he wanted to discuss it in front of the board, but had not yet drafted a proposed settlement. He asked for direction from the council on how they wanted to proceed.

    Cremer offered to allow Flora to develop and execute a loan agreement for the project, with Overton second. The board voted in favor of the motion 4-0, with Perdock abstaining.

    Board Approves Visitor Center Agreement and Appointment of Treasurer

    In other business Thursday, council members approved an agreement between the City of Clearlake, the Lake County Economic Development Corporation and the Clear Lake Chamber of Commerce for the use of facilities at the Visitor Center visitors to Clearlake.

    Flora said 10 years ago the city made a deal, which ended in September, for the use of the building at 14295 Lakeshore Drive, and it was time to make a new deal.

    He said they had been talking with the Lake County Economic Development Corp., or Lake EDC, for some time about Lake EDC’s increased presence in Clearlake.

    Lake EDC has received funding to establish a small business development center in Lake County for the first time in several decades, and Flora said the goal is to provide services in the city. Lake EDC now has an office at Lakeport City Hall.

    Flora said her initial hope was for Lake EDC and the chamber to approve the deal first, but it turned out to go to the board first. As such, he requested permission to modify the agreement slightly if necessary.

    The board voted 5-0 to approve the deal and allow Flora to make any necessary minor adjustments to the document.

    Council also reviewed the long-vacant position of city treasurer and re-appointed Flora to fill the position, with council directing staff to work on putting it on the 2024 ballot to move it from an elected position to a staff position.

    The meeting also included a thank you to the volunteers who helped deliver the 13th Annual Hall-Oween, the passing of a resolution authorizing the application and the adoption of the $875,000 Permanent Local Housing Benefit Program plan, and approval of a five-year agreement with Axon Enterprise Inc. for 30 body-worn cameras and digital evidence management.

    Email Elizabeth Larson at This email address is protected from spam. You need JavaScript enabled to view it.. Follow her on Twitter, @ERLarson, or Lake County News, @LakeCoNews.

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    Al-Sisi, IMF Managing Director Discuss Bilateral Partnership Following Loan Deal https://4bubbly.com/al-sisi-imf-managing-director-discuss-bilateral-partnership-following-loan-deal/ Sun, 06 Nov 2022 17:36:06 +0000 https://4bubbly.com/al-sisi-imf-managing-director-discuss-bilateral-partnership-following-loan-deal/ [ad_1] Egyptian President Abdel Fattah Al-Sisi on Sunday received Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), and her accompanying delegation, in the presence of Prime Minister Mostafa Madbouly, the Governor of the Central Bank and Ministers of Economic planning and development, international cooperation and finance. The meeting was part of Kristalina’s visit […]]]>

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    Egyptian President Abdel Fattah Al-Sisi on Sunday received Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), and her accompanying delegation, in the presence of Prime Minister Mostafa Madbouly, the Governor of the Central Bank and Ministers of Economic planning and development, international cooperation and finance.

    The meeting was part of Kristalina’s visit to Egypt to participate in the UN Climate Summit COP27 in Sharm el-Sheikh.

    In a statement, official spokesperson for the presidency Bassam Rady said the meeting focused on reviewing aspects of Egypt’s partnership with the IMF, particularly in light of the recently concluded cooperation agreement between the two parties to complete Egypt’s economic reform. treat.

    During the meeting, the President expressed his appreciation for Kristalina’s contributions in the fruitful partnership and constructive cooperation between the Egyptian government and the IMF to implement the comprehensive economic reform program, given this that this partnership represents to create a positive climate for promising investments. opportunities in Egypt and his thoughts on supporting the Egyptian economy.

    Al-Sisi also stressed the state’s willingness to complete the process of economic and structural reform related to fiscal and monetary policies, as well as to maximize the role of the private sector.

    In addition, the spokesperson explained that Kristalina stressed that the IMF will continue its distinguished relations of cooperation and partnership with Egypt to support its “economic reform process”, especially in light of what the press release describes. such as the stability of the performance of the Egyptian economy over the past period and its ability to withstand and absorb the negative repercussions and shocks resulting from the COVID-19 crisis and the current global economic crisis resulting from the Russian- Ukrainian, which have deeply affected the economies of emerging countries.

    For her part, the Managing Director of the IMF praised Egypt’s success in coping with these repercussions and the successive changes in global monetary policy and containing their effects, which has preserved the safe course of the Egyptian economy. , according to the press release.



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    CitySavings and DAR sign government employee loan agreement https://4bubbly.com/citysavings-and-dar-sign-government-employee-loan-agreement-3/ Sun, 06 Nov 2022 11:37:25 +0000 https://4bubbly.com/citysavings-and-dar-sign-government-employee-loan-agreement-3/ [ad_1] CITY Savings Bank (CitySavings), the subsidiary savings bank of Union Bank of the Philippines (UnionBank) and a proud member of the Aboitiz Group, has signed a Memorandum of Understanding (MoA) with the Department of Agrarian Reform (DAR ), allowing the bank to offer a payday loan facility to DAR employees nationwide. This took place […]]]>

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    CITY Savings Bank (CitySavings), the subsidiary savings bank of Union Bank of the Philippines (UnionBank) and a proud member of the Aboitiz Group, has signed a Memorandum of Understanding (MoA) with the Department of Agrarian Reform (DAR ), allowing the bank to offer a payday loan facility to DAR employees nationwide.

    This took place at the same time as the signing of the Memorandum of Understanding (MoU) between DAR and Pilmico, another Aboitiz company at the Aboitiz Head Office, NAC Tower, Bonifacio Global City, Taguig on October 14, 2022.

    DAR Secretary Conrado Estrella 3rd expressed his appreciation for DAR’s continued partnership with the Aboitiz Group.

    “I am pleased that the company’s mission, in conjunction with CitySavings, is to empower these farmers and land reform beneficiaries to truly improve their lives through livelihood and financial inclusion projects,” did he declare.

    “Through the signing of this Memorandum of Understanding today with the Department of Land Reform, City Savings Bank will be able to extend easily accessible value-added loan services to all your employees across the country. We will deploy our loan guards so that your employees do not have to visit our physical branches,” explained CitySavings President and CEO Lorenzo Ocampo.

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    Apart from the payday loan facility, CitySavings will also lead the project [email protected], its hands-on wealth management program, for DAR employees. This is part of the corporate social responsibility initiatives of CitySavings, which promotes financial literacy.

    “Simple is Good” – CitySavings’ slogan – sums up its offering of simple banking services, as well as a wide range of mass-market financial products to further promote financial inclusion.


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    CitySavings and DAR sign government employee loan agreement https://4bubbly.com/citysavings-and-dar-sign-government-employee-loan-agreement-2/ Sun, 06 Nov 2022 11:37:21 +0000 https://4bubbly.com/citysavings-and-dar-sign-government-employee-loan-agreement-2/ [ad_1] CITY Savings Bank (CitySavings), the subsidiary savings bank of Union Bank of the Philippines (UnionBank) and a proud member of the Aboitiz Group, has signed a Memorandum of Understanding (MoA) with the Department of Agrarian Reform (DAR ), allowing the bank to offer a payday loan facility to DAR employees nationwide. This took place […]]]>

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    CITY Savings Bank (CitySavings), the subsidiary savings bank of Union Bank of the Philippines (UnionBank) and a proud member of the Aboitiz Group, has signed a Memorandum of Understanding (MoA) with the Department of Agrarian Reform (DAR ), allowing the bank to offer a payday loan facility to DAR employees nationwide.

    This took place at the same time as the signing of the Memorandum of Understanding (MoU) between DAR and Pilmico, another Aboitiz company at the Aboitiz Head Office, NAC Tower, Bonifacio Global City, Taguig on October 14, 2022.

    DAR Secretary Conrado Estrella 3rd expressed his appreciation for DAR’s continued partnership with the Aboitiz Group.

    “I am pleased that the company’s mission, together with CitySavings, is to empower these farmers and land reform beneficiaries to truly improve their lives through livelihood and financial inclusion projects,” did he declare.

    “Through the signing of this Memorandum of Understanding today with the Department of Land Reform, City Savings Bank will be able to extend easily accessible value-added loan services to all of your employees across the country. We will deploy our loan guards so that your employees do not have to visit our physical branches,” explained CitySavings President and CEO Lorenzo Ocampo.

    Get the latest news


    delivered to your inbox

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    Apart from the payday loan facility, CitySavings will also lead the project [email protected], its hands-on wealth management program, for DAR employees. This is part of the corporate social responsibility initiatives of CitySavings, which promotes financial literacy.

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    Court approves Laurentian loan agreement with province https://4bubbly.com/court-approves-laurentian-loan-agreement-with-province/ Wed, 02 Nov 2022 13:00:00 +0000 https://4bubbly.com/court-approves-laurentian-loan-agreement-with-province/ [ad_1] University will take until 2038 to repay $35 million loan from funds borrowed during insolvency A long-term loan agreement between Laurentian University and the provincial government to replace $35 million in bridge loans taken out by LU during its insolvency was approved by the courts on November 1. These bridge loans are also known […]]]>

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    University will take until 2038 to repay $35 million loan from funds borrowed during insolvency

    A long-term loan agreement between Laurentian University and the provincial government to replace $35 million in bridge loans taken out by LU during its insolvency was approved by the courts on November 1.

    These bridge loans are also known as debtor-in-possession loans, or DIP loans for short. They were initially contracted through a private lender, but transferred to the province earlier this year.

    In early 2021, Laurentian declared insolvency and filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA), making widespread cuts to its programs and employees in April of the same year.

    The university hopes to emerge from the CCAA in November after creditors vote in favor of a debt plan.

    Also known as the plan of arrangement, the debt plan has several conditions for its implementation, including the establishment of exit financing for the $35 million long-term loan with the province. .

    “Laurentian is working on the various terms of the plan (of arrangement),” said Laurentian insolvency lawyer DJ Miller.

    “One of those key terms, of course, is obtaining an exit financing facility, which allows Laurentian to fully repay the credit facility, which is currently fully drawn.

    “So the terms of an exit loan agreement had been negotiated with the Department of Colleges and Universities, which is the DIP lender, and will now be the exit lender.”

    As previously statedthe loan agreement provided that Laurentian repay what it owes by April 30, 2038, in annual installments of principal and interest, at an annual interest rate equal to 6.106%.

    This interest rate is subject to a “cost of funds adjustment”, which is an increase or decrease in the base interest rate.

    A court document said this is “solely based on any change in the province’s cost of funds over 15 years between the date of the exit funding agreement and the date of the facility advance.”

    The amortization schedule would see Laurentian repay $591,693 in principal and $884,115 in interest as of April 30, 2023. You can view the full amortization schedule at page 80 of this court document.

    Conditions attached to Laurentian’s loan include a lien on its property and periodic reporting to the province on financial, operational, governance and other matters.

    If you are interested in the full terms of the loan with the province, they are outlined in several publicly available court documents, including the 18th monitor reportwhich was published by Ernst & Young on October 27.

    Also on the November 1 hearing date, the release of a grievance officer who had been appointed to resolve outstanding union grievances was approved.

    Liz Pilon, legal counsel for Ernst & Young, which is the court-appointed monitor of Laurentian’s CCAA process, said the grievance officer “may need to help us with one final grievance before his work is not finished”.

    But this work must be done as a condition of the implementation of the plan of arrangement, and the way the order is written, the grievance officer must be released during the implementation of the debt plan of the Laurentian.

    Lawyers for Laurentian and Ernst & Young were the only two people to make submissions at the Nov. 1 court date.

    After asking if anyone else wanted to speak, Chief Justice Geoffrey Morawetz said “you can consider both orders granted,” adding that he will issue brief written reasons for his decision.

    — sudbury.com

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