The proposed project envisages providing a loan of RUB 280 million (USD 10 million equivalent) to Spurt Bank, a private bank in the Republic of Tatarstan (RoT), Russia for on-lending to SMEs operating in the RoT. The Project is aimed at supporting the SME sector in Tatarstan, which is currently underserved by local banks.
The transition impact potential of the proposed project arises mainly from its support of a transformation of a regional bank operating in the RoT into a bank operating according to best practice standards of corporate governance and business conduct. The proposed project will support the bank’s diversification strategy and promote competition within the local banking market.
The proposed project will strengthen the development of regional SMEs by promoting financial intermediation, thereby increasing the level of available medium-term resources for local SMEs.
Spurt Bank, the 4th largest bank by capital in the RoT established in 1992 by local private and state organisations. The bank is now pursuing a strategy of development as a universal bank, it has been actively developing SME lending for the last two years.
A four-year senior loan of RUB 280 million (equivalent of USD 10 million).
RUB 280 million (equivalent of USD 10 million).
Spurt Bank will be required to comply with EBRD’s Environmental Procedures for SME financing which require adherence to the Bank’s Environmental Exclusion and Referral List, compliance with the applicable national environmental, health and safety requirements and submission of an Annual Environmental Report to the Bank.
Mr. Alexei Zemlyakov, Vice President
Telephone: +7 8432 –915104
Fax: +7 8432 – 915017
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