Masterlease Debt

Location:

Poland

Project number:

40749

Business sector:

Leasing Finance

Notice type:

Private

Environmental category:

FI

Approval date:

20 Jul 2010

Status:

Completed

PSD disclosed:

28 Jun 2010

Translated version of this PSD: Russian

Project Description

The EBRD is considering providing a loan of PLN 80 million to Prime Car Management 2 (PCM2) to enable the company to expand a vehicle lease portfolio to micro, small and medium sized enterprises (MSMEs) in Poland.

Transition Impact

Leasing is the second most important source of financing of investments and essential source of funding for SMEs.

The financial crisis has constrained financial resources of leasing companies. The EBRD facility will increase the availability of external funds to the leasing industry.

The loan will support development of Polish SMEs across the country, including smaller towns.

The Client

PCM2, a newly established subsidiary of Prime Car Management, operating under the Masterlease brand.

Masterlease is a leader in full service leasing and car fleet management in Poland. In 2009 Masterlease generated a new business volume of PLN 371 million (EUR 86 million).

EBRD Finance

PLN 80 million

Project Cost

PLN 200 million

Environmental Impact

Categorised FI (2008). Masterlease will be required to comply with the Bank's Performance Requirements 2 (Labour and Working Conditions) and 9 (Financial Intermediaries). Due diligence has reviewed the capacity of the Company to effectively adopt and implement PR2 and PR 9 requirements and found that it is satisfactory.

In particular, the Company is in compliance with the national E&S regulations, has formal HR and E&S policies in place, as well as dedicated personnel to ensure their implementation. Masterlease will need to provide annual reports to the EBRD on environmental and social matters and the implementation of PRs 2 and 9 and, depending on its performance, may be offered to undertake E&S risk management training.

Technical Cooperation

None

Company Contact

Jakub Kizielewicz, CFO

jakub.kizielewicz@masterlease.pl

+48 58 340 44 11

www.masterlease.pl

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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