Project description
and objectives:
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Establishment of a US$ 12 million leasing framework facility in Russia to finance leases of Caterpillar equipment on a risk sharing basis among Caterpillar, ZAO Raiffeisenbank Austria (RBA) and the EBRD. The Framework would finance leases of Caterpillar equipment to Russian companies. It is envisaged to replicate the framework with other equipment vendors in a wide variety of industries. This would benefit both the vendors and especially the ultimate lessees, who would have access to modern equipment and the means to finance it.
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Sub-projects:
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- Caterpillar Leasing FW - PIC Development
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Transition impact:
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- It will support the expansion of the leasing market in Russia, which is critical for stimulating economic growth by providing an alternative to the rather undeveloped market for medium-term bank financing;
- It will serve as a model to other (potential) lessees and domestic leasing companies in terms of corporate governance and financial standing – the EBRD integrity and corporate governance checklist will be incorporated into the lessee selection criteria;
- At a later stage, the framework could be replicated for other Russian equipment manufacturers and leasing companies.
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The client:
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OOO Raiffeisen-Leasing, a subsidiary of ZAO Raiffeisenbank Austria (RBA) and Raiffeisen Leasing International, Vienna.
RBA, a commercial bank, which offers its clients a complete range of banking products for domestic and cross-border operations.
Caterpillar Inc., headquartered in Peoria, Ill., US, is the world's largest manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines.
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EBRD finance:
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An uncommitted facility of up to US$ 8 million (€8.95 million) extended to Raiffeisen Leasing to finance the purchases of Caterpillar equipment under a Master Loan Agreement. Each lease under the facility would be financed through separately approved and disbursed sub-loans.
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Total project cost:
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US$ 12 million (€13.4 million).
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Environmental impact:
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The environmental responsibilities associated with this financial intermediary operation are shared between Raiffeisen Leasing and Caterpillar:
Raiffeisen Leasing will conduct environmental due diligence on potential lessees in accordance with EBRD’s Environmental Procedures for Leasing; lessees will be required to comply, at a minimum, with applicable Russian health, safety and environmental regulations and standards.
Caterpillar will be responsible for product quality assurance, maintenance and training of lessees. Caterpillar machines in production today are designed in accordance with internationally recognised standards, reflecting state-of the art operator safety and environmental responsibility, including compliance with current and upcoming Stage II EU non-road emission regulations. Caterpillar’s maintenance contracts with lessees will ensure that machines maintain their high environmental and safety standards throughout the duration of the lease.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Anne-Marie Brabants, Operation Leader: brabanta@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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