Element Leasing Senior Loan

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 36908

Status Complete

Location

Russia

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 36908

Status Complete

Location

Russia

Business Sector

Notice Type

Private

Environmental Category

Approval Date

17 Apr 2007

Disclosure date

19 Jan 2007

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

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.

Transition Impact

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.

The Client

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.

EBRD Finance

USD 10 million.

Project Cost

USD 10 million.

Environmental Impact

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.

Technical Cooperation

None.

Company Contact

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

Transition impact

ETI Score:30

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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