A housing finance facility totalling DM 15 million for a term of 10 years. The principal objectives of the project are to:
- provide EHP with the capacity to expand its range of products;
- give private individuals the opportunity to purchase their principal private residences in Estonia;
- encourage wider home ownership in Estonia.
Home ownership and access to housing finance are hallmarks of a market-oriented economy which allows people to have a stake in the prosperity of their country. Through the HFF, the EBRD will be facilitating increased home ownership and enabling EHP to offer the types of services provided by most international banks.
AS Eesti Hoiupank (EHP) is the Estonian Savings Bank and the country's second largest banking institution.
A long-term housing finance facility (HFF), to enable private individuals to purchase their principal private residences in Estonia.
Up to the equivalent of DM 15 million (ECU 8 million), all of which will be financed by the EBRD.
The project has been classified C/0, which means that it does not require an environmental analysis or an environmental audit. EHP carries out its operations in accordance with the EBRD's Environmental Procedures for Local Banks, which provide for the integration of environmental due diligence into such banks, credit and investment appraisal processes and a requirement that borrowers comply with national and local health and safety and environmental regulations and standards.
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