The original project was a €50 million Framework Facility to be extended to the subsidiaries of Bank Austria Creditanstalt in EBRD's countries of operation. The total value of the Facility up to EUR 100 million to recognise the merger between the HVB and Bank Austria Creditanstalt including all the group network banks and leasing companies in the Facility. The individual credit lines under the revised structure of the Facility will be either senior or subordinated loans with maximum maturity up to 15 and 10 years respectively. The financing will be provided to support the network banks' and leasing companies expansion in their respective markets by enhancing their capital base and lending capacity. The Framework approach will ensure better efficiency and responsiveness to clients' needs.
Transition Impact potential derives primarily from increasing capability of the group network banks and leasing companies to expand their activities in the EBRD's countries of operation. By following international standards in their operations the network institutions also provide a demonstration effect to other market participants promoting the provision of high quality financial services in the region. Furthermore, the funding provided under the Framework will stimulate much needed long-term financing for the private sector and retail market in the respective countries.
The beneficiaries under the Framework will the subsidiaries of Bank Austria Creditanstalt AG of Austria in the EBRD's countries of operation. The initial target countries are envisaged to be Croatia, Romania, Ukraine and Russia, but the Framework is expected to be expended to include other countries where both Bank Austria Creditanstalt and EBRD operate.
The Framework has a value of € 100 million, and the individual credit lines extended under the Framework are envisaged to be € 10 - 20 million.
€ 100 million.
Subsidiaries participating in the Framework will apply EBRD's environmental procedures for local banks to all transactions supported through the Framework. In implementing these procedures, participating banks will require their borrowers to comply, at a minimum, with national health, safety, environmental and public consultation requirements. Each subsidiary will submit annual environmental reports to EBRD.
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