A loan of US$ 30 million for a term of five years.
The principal objectives of the project are to:
- support a large FIDP (Financial Institutions Development Programme) bank that is committed to the local market and expansion of its term-lending operations for investment purposes;
- finance indirectly investment projects that the EBRD cannot finance itself due to their small size; and
- increase the availability of longer-term funding in the Russian Federation.
The transition impact of the project will be achieved: firstly, through the expansion of the availability of finance for private companies; secondly, by fostering competition in the financial services market; and thirdly by enhancing the standards of corporate governance and business conduct in MIB and its customers.
Moscow Industrial Bank (MIB) was created in 1990 as a spin-off of the Moscow branch of Promstroibank. MIB is a universal commercial bank with a broad industrial client base. The bank operates branches in Moscow and the Moscow region, St Petersburg, Vladimir, Arkhangelsk and Volzhsk. As of 31 December 1996 the total assets and shareholders' equity of the bank amounted to an equivalent of US$ 505 million and US$ 117 million respectively.
An EBRD loan of US$ 30 million (ECU 26.5 million) for a term of five years will be used for the financing of medium and long-term private sector investment projects.
US$ 30 million.
MIB will carry out its operations in accordance with the EBRD's Environmental Procedures for Local Banks, which provide for the integration of environmental due diligence into MIB's credit appraisal processes and a requirement that borrowers comply, at a minimum, with national and local health, safety and environmental regulations and standards and public consultation requirements. MIB will submit annual environmental reports to the EBRD.
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