EESTI MAAPANK EQUITY INVESTMENT

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An equity investment in Estonian kroons of up to the equivalent of DM 3 million. The principal objectives of the project are to: EMP is an important institution in the local market, especially in rural areas and outside Tallinn. EMP is commercially oriented, provides a full range of corporate and retail banking services and has a reputation for good client service. In order to expand, and to remain competitive, EMP plans to raise its capital base. The transition impact of the project will be achieved by: AS Eesti Maapank (EMP) is a joint-stock company incorporated under the laws of Estonia. It is a majority privately owned and privately controlled commercial bank. The project will consist of the share subscription of 2.4 million newly issued shares of EMP, representing approximately 19.4 per cent of EMP's share capital. DM 3 million (ECU 1.6 million), all of which will be financed by the EBRD. EMP will carry out its operations in accordance with the EBRD's Environmental Procedures for Local Banks, which provide for the integration of environmental due diligence into EMP's credit appraisal processes and a requirement that borrowers comply, at a minimum, with national and local health, safety and environmental regulations and standards and public consultation requirements. EMP will submit annual environ-mental reports to the EBRD. None