The proposed project is a senior syndicated loan to Priorbank, the largest privately-owned commercial bank in Belarus, designed to support development of long-term lending to individuals for real estate investment purposes. The proposed loan will be used in for extending residential mortgage sub-loans to individuals in all Belarusian regions.
The transition impact of the proposed project is expected to be achieved in three main areas:
By granting financing to Priorbank for on-lending for mortgage loans private individuals will be provided with an opportunity to improve their housing conditions. Equally, by making it possible for Priorbank to expand its mortgage portfolio, the EBRD will be promoting the overall development of commercial mortgage lending in Belarus.
The project will support expansion of a bank which applies best international business practices in its transactions with customers and sets high standards in the banking sector in general and mortgage segment in particular.
- Priorbank will be required to comply with EBRD’s Mortgage Loan Minimum Standards, which are based on the best practice of the world’s leading mortgage finance institutions
Priorbank was founded in 1989 and gradually developed into a leading private bank in the country. It is majority owned by Raiffeisen International Bank Holding, with the EBRD being the second largest shareholder.
USD 25.0 million senior A/B syndicated loan of which EBRD expects to hold USD 15 million under an A loan.
USD 25.0 million.
Priorbank will continue to implement the EBRD’s Environmental Procedures for Residential Mortgage Lending for all mortgage loans under the credit line. The procedures require that a survey be undertaken for each loan considered to ensure, among other things, compliance with applicable national environmental, health, safety and public disclosure standards and regulations.
Mr Vladimir Dedioul
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