Israeli holding company Koor Industries Ltd. (KOR.TV) said Wednesday it has signed an agreement to receive credit of EUR100 million from HSBC Holdings PLC (HBC).

The agreement is backed up by Koor's 0.21% stake in French retail chain Carrefour SA (CA.FR). In June, the Israeli firm announced plans to invest 3.5 billion shekels ($930 million) in Carrefour over the next few years and is set to buy more shares when the market conditions are right.

Koor didn't specify the intended use for the credit.

Its main interests are in telecommunications, other technological development and manufacturing.

Koor also holds 1.9% of Swiss bank Credit Suisse Group (CS).

At 0850 GMT, Koor shares were down ILS0.30, or 0.28%, at ILS108.20, in a higher Tel Aviv market.

-By Sara Toth Stub, Contributing to Dow Jones Newswires, saratoth@gmail.com