The proposed project consists of a senior five-year loan in the amount of USD 30 million for on-lending to private sector Small and Medium-sized Enterprises (SMEs).
The transition impact of the project is expected to be achieved in two main areas:
Dedicated funding from the EBRD will allow Promsvyazbank to become more focused on the SME lending niche. Under the facility, PSB will be encouraged to focus in particular on the financing needs of SMEs in the regions. Longer term funding will enable the bank (i) to finance projects that are currently beyond its reach due to liquidity and maturity mismatch concerns and (ii) to serve the needs of SMEs that do not have access to long term funding.
- The project seeks to contribute to the strengthening of Promsvyazbank into an independent commercial bank operating according to the highest standards of governance and business conduct. This will further contribute to improve the bank’s attractiveness to long term finance providers and potential investors.
Promsvyazbank was established in 1995 as a specialised bank servicing the needs of large companies in the communication sector, however, over time it evolved into a universal bank offering the full range of services in over 20 Russian regions.
USD 30 million senior loan for on-lending to private SMEs.
USD 30 million.
Promsvyazbank will be required to comply with EBRD’s Environmental Procedures for Intermediated Finance through local banks, including ensuring compliance with the applicable national environmental, health and safety legislation, adherence with EBRD’s Environmental Exclusion List and submission of annual environmental reports to the Bank.
Ms. Alexandra Volchenko, Head of Rating Support and Financial Institutions
International Business Department,
Fax: (7 095) 727 1021
Web site: http://www.psbank.ru
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