A US$ 100 million credit line and standby facility to Uneximbank, a joint-stock company incorporated in the Russian Federation. The facility will enable Uneximbank to provide medium and long-term finance to the private sector.
The objectives of the project are to assist the development of Uneximbank's project financing activities and to finance projects of private sector enterprises in Russia that the EBRD cannot finance directly due to their small size.
The project will support the growth, development and strengthening of one of the finest private sector banks in Russia, and will promote the growth of the private sector in general by providing much-needed term funds for investment purposes.
Uneximbank is a leading private commercial bank operating in Russia. It started its operations in January 1993 and was granted a full banking licence in April 1993. It is centralised around its headquarters in Moscow. The bank provides a full range of services to its corporate clients, including lending, cash management, foreign exchange, trade finance, fund management and custody.
The proposed facility will comprise a US$ 50 million credit line (loan) and a US$ 50 million standby facility that will enable Uneximbank to provide medium and long-term finance to the private sector.
US$ 100 million (ECU 91 million)
Uneximbank will follow the EBRD's Environmental Procedures for Local Banks in relation to all loans financed through the credit line and leveraged by the standby facility. In implementing these procedures, Uneximbank will assess potential environmental issues associated with sub-loans which are required to comply, at a minimum, with local/national health, safety and environmental standards and public consultation requirements.
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