Project description
and objectives:
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The proposed project will provide Element Leasing, a leading Russian leasing
company providing financing to SMEs, with long-term financing to enable it to
grow its lease portfolio and provide longer-term financial leases to its
customers in all of the regions of the Russian Federation. The EBRD funds will
be used to provide financial leases to customers for purchases of commercial
vehicles and equipment.
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Transition impact:
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The project will support and extend the development of the leasing market
Russia. Element Leasing has one of the widest physical presences of any
leasing company in Russia and its proximity to its clients give it the
opportunity to develop its leasing portfolio very rapidly. SMEs in Russia are
still vastly under-served, especially in the regions. This operation will
boost the capability of a well-managed leasing company with experienced
management team and SME-focused approach to provide long-term lease finance to
SMEs in the regions of Russia and will complement the Bank’s existing SME
activities.
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The client:
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Element Leasing Limited is a leasing company headquartered in Moscow. As of 30
September 2006, the Company had a leasing portfolio of USD 61.4 million and
total assets of USD 87.5 million. Its capital was USD 13.0 million. The
company provides financial leasing services in 75 cities across Russia. The
company is owned by Basic Element Group, beneficially owned by Oleg Deripaska.
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EBRD finance:
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USD 10 million.
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Total project cost:
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USD 10 million.
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Environmental impact:
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Element Leasing will be required to apply the EBRD’s Environmental Procedures
for Intermediated Financing through Local Leasing Companies to financing of
the leases, 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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James Gorham, CEO
1st Kozhevnichesky Pereulok, 6/1
Moscow,
Russia
Tel: +7-495-937-2780
Fax: +7-495-937-2780
E-mail: GorhamJ@ulh.ru
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EBRD contact:
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Tatiana Moiseeva, Operation Leader: moiseevt@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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