An equity investment of ECU 2.75 million in Priorbank.
The project aims to:
- support creation of a centre of banking excellence in Belarus;
- enhance PB's corporate governance through the EBRD's representation on PB's Supervisory Board;
- enable PB to increase its capital base and hence its lending to private sector enterprises in Belarus;
- enhance international recognition both of PB and the Belarussian banking sector;
- attract private sector investors into PB's share capital.
As the first EBRD-financed stand-alone transaction in the private banking sector in Belarus, the project will:
- have a strong demonstration effect, by setting out a model of successful business dealing in Belarus;
- increase competition in the banking sector in Belarus;
- provide strong support for a privately controlled bank and will contribute to the development of market infrastructure in the country.
Priorbank (PB), a commercial bank organised as a joint-stock company and incorporated under the laws of Belarus.
Subscription to newly issued ordinary shares of PB representing approximately 25 per cent of PB's authorised and paid-in ordinary share capital.
Not in excess of ECU 2.75 million.
The project has been classified as FI, and therefore does not require an Environmental Analysis or an Environmental Audit. In accordance with the Bank's Environmental Policy and Procedures, PB shall require its borrowers to comply, at a minimum, with local and national environmental, health and safety standards and regulations.
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