Avtobank - Credit Line/Equity Investment

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Equity investment and a credit facility for medium and long-term on-lending to Russian enterprises. The main objective is to assist the development and corporate growth of Avtobank through strengthening its capital base and to provide medium and long-term funds for on-lending to private industrial enterprises. Promotion of the development of an effective, market-oriented financial sector; potential enhancement of the equity market; provision of term finance for private sector investment activities. Avtobank is a universal bank with operations centralised in its headquarters in Moscow and the Moscow region. The bank commenced its activities in December 1988 and was granted a full licence in June 1992. Its original industrial focus has been diversified to a broader sectoral spread of activities and ownership. Equity investment of US$ 20 million. Credit facility of US$ 30 million. US$ 50 million (ECU 40.45 million). This project has no direct impact on the environment and has been classified C/0 (it does not require an environmental analysis or an environmental audit). Avtobank will carry out its operations in accordance with the EBRD's "Environmental Procedures for Local Banks". In implementing these procedures, Avtobank will require its borrowers to comply with national /local health and safety, environmental and public consultation requirements. Avtobank will submit annual environmental reports to the EBRD. None.