A group of multilateral lenders on Friday unveiled a lending package of up to â?¬24.5bn for banks in central and eastern Europe.

The World Bank, the European Bank for Reconstruction and Development and the European Investment Bank announced the package on Friday in London. Banks in eastern Europe struggle as the western European institutions that own large parts of eastern Europeâ??s banking sector pull back capital to their home bases.

The European Investment Bank said it would provide â?¬11bn for small and medium enterprise lending, of which â?¬5.7bn is ready for immediate disbursement. The EBRD will provide up to â?¬6bn in 2009-2010 for the financial sector in a mixture of equity and debt finance, and the World Bank group â?¬7.5bn.