V-Lazer

complete

The proposed project will finance the investment program of V-Laser LLC, the leading distributor and manufacturer of white goods and consumer electronics in the Russian Far East. The Bank’s financing will partially finance the construction and start up of four new stores in the Russian Far East. The project will stimulate greater competition in the retail sector in the Russian Far East, and benefit the local consumers with a wider range of goods and improved service. The Project demonstrates a successful entrepreneur implementing good standards of transparency and corporate governance. The Bank’s financing will support the development of retail shops affordable to low-to-medium income consumers. V-laser was established in 1993 as a small family owned business. Today V-Lazer has leading positions in shipment, wholesale and retail of white goods and consumer electronics in the Russia Far East and employs more than 2,500 people. Loan of EURO 7.5 million. EURO 17.2 million. The Project was screened B/0 under EBRD’s 2003 Environmental Policy requiring an Environmental Analysis. The Analysis confirmed that all the facilities are designed to comply with Russian environment, health and safety requirements as well as conforming to applicable international standards including energy efficient design, waste minimisation and recycling, use of CFC-free equipment and noise abatement. Whilst the sites are located in densely populated areas, all residential buildings are outside the designated sanitary-protection zones of the stores. Mitigation measures to address potential environmental, heath and safety impacts relating to the construction (e.g. dust, noise, construction waste management, construction traffic) and operation (e.g. increased traffic flows, air emissions, wastewater discharges and solid and hazardous waste management) of the stores have been incorporated into the project design for each new store. V-laser will be required to comply with applicable national environmental, health & safety and public consultation requirements and applicable EU standards. A monitoring visit has been carried out by the external consultants in October 2011 to assess environmental, health and safety performance and compliance of the project. Monitoring visit focussed on reviewing Company’s environmental, health and safety practices across its facilities. Following the visit a number of recommendations have been made for further improvement in the areas of occupational heath and safety, waste management, pollution prevention, good housekeeping. These findings and recommendations have been discussed with the Client and additional actions have been agreed to ensure compliance. None. Sergei Mitrofanov, Tel: +7(4232) 499 833, E-mail: sfm@v-lazer.com