The proposed project consists of Senior loan of up to RUB 5 billion to leasing company OOO Inpromleasing to expand its operations by providing leasing services to major Russian private rail operators.
The proposed project will finance the purchase of rolling stock to be leased under finance leasing contracts.
In this context, the transition impact potential of this project is expected to derive from:
(i) Increased Transparency/corporate standards: Company would publish the annual financial results, its detailed management structure and statement of its corporate goals on the Company’s website, which would represent an increased level of transparency compared to other players in the industry and is expected to have demonstration effects in the medium term;
(ii) Increased competition: rolling stock leasing is a relatively new and dynamically developing segment in Russia, dominated by leasing companies affiliated to financial institutions or industrial groups. The Project will allow an independent company in this sector to expand its business and increase competition in the rolling stock leasing market;
(iii) Promoting private entrepreneurship and reforms in the Russian railway sector: the Bank’s funding will result in the increase of the privately owned rolling stock in Russia and the expansion of the operations of the private rail operators; by supporting these developments the Bank plays a visible role in the actual implementation of the Russian railway sector reforms a central objective of which is substantially increasing private sector participation in the operation of the Russian railways.
OOO Inpromleasing,,an independent Russian leasing company, established in 2000, is the seventh largest leasing company in Russia in terms of leasing portfolio in 2006. One of the two non-bank affiliated leasing companies in the top ten rolling stock leasing firms.
The EBRD would provide 8-year senior debt financing in the amount of up RUB 5 bln, part of which will be syndicated to commercial banks.
RUB 5 billion.
Inpromleasing will be required to adopt and implement the EBRD’s Environmental procedures for Leasing which includes adherence to the Bank’s compliance with the applicable Environmental Exclusion and Referral List, national environmental, health and safety and labour requirements, and submission of an Annual Environmental Report to the Bank.
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