Project description
and objectives:
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The proposed project consists of a loan to, and an option on the equity of,
City Mortgage Bank in order to support the growth of its mortgage operations.
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Transition impact:
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Significant transition impact is expected in the following areas:
1. Supporting a specialist mortgage institution which facilitates the
development of both the primary and the secondary mortgage markets.
2. Developing a standardised mortgage product with the objective to support
the development of the secondary mortgage market, either through
securitisation of mortgage bonds or by covered bonds.
3. Increasing the competition in the Russian mortgage sector. A healthy
mortgage industry will assist in bringing increased flows of financing to the
residential mortgage sector to promote property ownership and mobility of
ownership which are important cornerstones for economic stability.
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The client:
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CityMortgage Bank, a specialised mortgage lending bank headquartered in Moscow
and providing mortgage loans in Moscow, Moscow region, St. Petersburg and
elsewhere in the country.
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EBRD finance:
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Loan of USD 25 million in total with an option to acquire shares in CMB for an
additional investment.
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Total project cost:
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USD 25 million loan.
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Environmental impact:
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CityMortgage Bank will be required to comply with EBRD’s Environmental
Procedures for Intermediated Finance through local mortgage companies,
including ensuring compliance with the applicable national environmental,
health and safety legislation, adherence with EBRD’s Environmental Exclusion
List and submission of annual environmental reports to the Bank.
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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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Mr. Nicholas Chitov, President & CEO
Tel: +7 095 783 75 75
Fax: +7 095 783 05 57
Website: www.gorodskoi.ru
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EBRD contact:
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Vladimir Klechtchev, Operation Leader: klechtcv@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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