The proposed project consists of a Senior Loan to First Lease, a Kiev based vehicle fleet leasing company owned by ALD International SA, which is part of the Société Générale Group. The loan will finance full service operating leases of passenger and light commercial vehicles to Ukrainian Corporates; with a significant part of the loan being used to finance leases to SMEs. The main objective of the project is to support the development of vehicle fleet leasing in Ukraine by providing long-term debt facility to First Lease.
The transition impact of this project will arise from its support for the development of the Ukrainian leasing sector; promoting increased financial intermediation by supporting a major international vehicle fleet leasing group following its entry into Ukraine; increasing competition in vehicle fleet leasing; and supporting SME sector development.
First Lease was established in July 1999 to undertake vehicle fleet leasing to corporates in Ukraine and has operated under the Hertz franchise since 2001. Recently, ALD International SA, the vehicle fleet leasing company that is part of the Société Générale Group acquired First Lease.
Senior Loan of EUR 12 million.
EUR 12 million.
First Lease will be required to apply EBRD’s Environmental Procedures for Leasing Companies which includes compliance with the Bank’s Environmental Exclusion List. All lease agreements between First Lease and its lessees will contain a provision in which such lessees agree to operate the leased vehicles in compliance with the applicable environmental, health and safety requirements of the Government of Ukraine and the local authorities.
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