ROSEXIMBANK - MOSCOW CREDIT LINE SUBPROJECT

Location:

Russia

Project number:

3972

Business sector:

Depository Credit (banks)

Notice type:

Private

Environmental category:

FI

Target board date:

16 Dec 1997

Status:

Cancelled

PSD disclosed:

07 Nov 1997

 

Project Description

The Moscow Credit Line Framework is a five-year credit line of US$ 135 million to be made available to a group of around six Moscow-based banks, including Roseximbank, for on-lending to medium-term private sector investment and construction projects in the Moscow city region. Roseximbank will receive a loan of US$ 15 million (ECU 12 million) under the Framework.

Project objectives:

  • Support of private sector enterprises in Moscow, including the construction sector, thereby assisting the transition process through the provision of much-needed medium-term finance.
  • Indirect financing of projects that the EBRD cannot finance itself due to their small size.
  • Support for Moscow as Russia's leading economic centre.
  • Continued support of the financial sector and in particular the strategically important Russian Eximbank, which will be crucial to the development of Russian trade.

Transition Impact

The loan will support the growth, development and strengthening of the industry, property and service sectors in Moscow by providing term funds for the development of private enterprises in the city of Moscow.

The Client

Roseximbank is a relatively new state-owned banking institution established in 1994 with the strategic aim of supporting Russian exports and import substitution. Roseximbank will provide trade finance to the private sector, act as a government agent to implement state policy for the support and promotion of Russian exports, including government finance, and is responsible for foreign borrowings. In addition, Roseximbank will provide medium-term investment finance to trade-related Russian enterprises, and through its subsidiary Roseximguarant, will provide export credit guarantees. Net worth of Roseximbank as at end 1996 was US$ 42 million.

EBRD Finance

The credit line will provide funding to Roseximbank to promote the increase of medium-term lending to private sector investment and construction projects in the Moscow city region.

Project Cost

US$ 15 million (ECU 12 million).

Environmental Impact

This financial intermediary project has been classified FI, having no direct impact on the environment. The participating banks will follow the EBRD's Environmental Procedures for Local Banks in relation to all sub-loans financed through the credit line. In implementing these procedures, the participating banks will assess potential environmental issues associated with sub-projects which, at a minimum, are required to comply with local/national health, safety and environmental regulations and standards. The participating banks will report annually to the EBRD on environmental issues related to the credit line.

Technical Cooperation

TC funds have been obtained to fund a property adviser to assist the participating banks in analysing construction projects.

Company Contact

 

 

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

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Tel: +44 20 7338 7168
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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.