ICB - Credit Line

complete

Provision of a medium-term credit line of US$ 30 million to the Industry and Construction Bank of St Petersburg. The loan will be lent to private sector enterprises for the financing of investment projects. The project's principal objectives are to address the shortage of medium-term funding available in Russia for the financing of industrial investment activity and to support the development of a key bank. The project will promote the development of a market-oriented financial sector and of private sector investment. The Industry and Construction Bank (ICB) is the largest bank in St Petersburg and among the 20 largest in Russia. The bank has 42 branches, a large customer base and a focus on the corporate sector in the north west of Russia. A loan of US$ 30 million (ECU 23.8 million equivalent). US$ 30 million. C/0. The project does not require an environmental analysis or an environmental audit. Sub-projects will be financed in accordance with the EBRD's environmental procedures for financial intermediaries. On an annual basis, the Industry and Construction Bank will report to the EBRD on environmental issues associated with the credit line. None.