The EBRD is considering a loan to OOO Brunswick Wagon Leasing (the “Borrower”) a member of the Brunswick Rail Group of companies (the “Company”). The Loan proceeds will be used to finance acquisition of approximately 5,500 freight railcars in order to meet the growing demand for the Company’s services.
The railway sector in Russia is undergoing a substantial programme of reform, the main goal of which is to improve efficiency and profitability of rail services in Russia and encourage investment in the modernisation of the railways, particularly by the private sector. The Bank supports these developments, both through its on-going dialogue and financing programme developed for RZD Group and its financial support for the leading private sector participants.
The implementation of the project would support continued reform of the railway sector and its important components such as
(i) demonstration effect of new products through development of the market for leasing operations;
(ii) greater involvement of private companies in provision of transportation services;
(iii) increasing competition in the railway sector.
The Company is the largest privately-owned operating lessor of freight railcars to corporate clients in Russia. The Company currently operates more than 11,000 freight railcars and serves a number of key clients from core Russian industries, including transportation companies. It is an important niche player in the market.
A senior A/B loan in the amount of up to US$ 200 million, with US$ 100 million for the EBRD’s own account, and the balance to be syndicated to commercial banks on a best efforts basis.
US$ 300 million.
Categorised B (2008). Environmental and social due diligence (ESDD) identified that the Company's operations are in compliance with relevant environmental, health, safety and labour regulations. The Company has a Labour Safety Policy, robust health and safety procedures and fire safety rules, in place. The Company also has a comprehensive human resources policy. With regard to the assessment by the Company of the environmental, health and safety performance of the lessees, there is no formal procedure in place for assessing lessees environmental, health and safety performance.
The Environmental and Social Action Plan contains actions on tracking use of leased rail-cars and compliance of lessees with environmental, health and safety requirements, as well as with manufacturers' specifications and procedures for types and volumes of goods carried; introducing a grievance mechanism for employees and subcontractors compliant with Performance Requirement 2 and developing a stakeholder communication programme in line with Performance Requirement 10. The Company shall provide to EBRD annual reports on environmental and social matters and notify the Bank of fatalities, incidents and accidents or media attention on environmental or occupational or public health and safety issues associated with the Borrower or leased wagons.
Mr. Nicolas Pascault,
115054, Russia, Moscow,
Paveletskaya sq.2/2, 12th floor
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