Project description
and objectives:
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The proposed project consists of a senior loan in the amount of US$ 10 million for on-lending to private sector Small and Medium-sized Enterprises (SMEs).
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Transition impact:
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The proposed project is expected to have transition impact in two main areas:
- In supporting private sector SMEs by providing term funds the project will raise the level of financial intermediation and allow EBRD funds to reach SME sub-borrowers to finance their investment projects, for which long-term funding is currently not readily available.
- The proposed project seeks to contribute to the transformation of Absolut Bank into an independent commercial bank working according to transparent principles of business conduct. Achievement of this goal is expected to increase Absolut Bank’s attractiveness to creditors and potential investors.
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The client:
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Absolut Bank was established in 1993 as a universal bank by a group of private entrepreneurs. Currently, Absolut Bank is a medium-sized privately-owned bank that provides a full range of retail and corporate banking services.
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EBRD finance:
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US$ 10 million senior loan for on-lending to private SMEs
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Total project cost:
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US$ 10 million.
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Environmental impact:
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AB will be required to comply with EBRD’s Environmental Procedures for Intermediated Finance through local banks, including ensuring compliance with the applicable national environmental, health and safety legislation, adherence with EBRD’s Environmental Exclusion List and submission of annual environmental reports to the Bank.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Mr. Nikolay Sidorov, Senior Deputy Chairman
Fax: (7 095) 935 0052
E-mail: nis@absolutbank.ru
Web site: www.absolutbank.ru
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EBRD contact:
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Marina Petrov, Operation Leader: petrovm@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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