Project description
and objectives:
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The proposed project is a senior syndicated loan to Priorbank, the largest
privately-owned commercial bank in Belarus, designed to support development of
long-term lending to individuals for real estate investment purposes. The
proposed loan will be used in for extending residential mortgage sub-loans to
individuals in all Belarusian regions.
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Transition impact:
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The transition impact of the proposed project is expected to be achieved in
three main areas:
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By granting financing to Priorbank for on-lending for mortgage loans private
individuals will be provided with an opportunity to improve their housing
conditions. Equally, by making it possible for Priorbank to expand its
mortgage portfolio, the EBRD will be promoting the overall development of
commercial mortgage lending in Belarus.
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The project will support expansion of a bank which applies best international
business practices in its transactions with customers and sets high standards
in the banking sector in general and mortgage segment in particular.
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Priorbank will be required to comply with EBRD’s Mortgage Loan Minimum
Standards, which are based on the best practice of the world’s leading
mortgage finance institutions
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The client:
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Priorbank was founded in 1989 and gradually developed into a leading private
bank in the country. It is majority owned by Raiffeisen International Bank
Holding, with the EBRD being the second largest shareholder.
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EBRD finance:
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USD 25.0 million senior A/B syndicated loan of which EBRD expects to hold USD
15 million under an A loan.
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Total project cost:
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USD 25.0 million.
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Environmental impact:
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Priorbank will continue to implement the EBRD’s Environmental Procedures for
Residential Mortgage Lending for all mortgage loans under the credit line. The
procedures require that a survey be undertaken for each loan considered to
ensure, among other things, compliance with applicable national environmental,
health, safety and public disclosure standards and regulations.
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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 Vladimir Dedioul
Email: vladimir.dedioul@priorbank.by
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EBRD contact:
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Denisa Greslikova, Operation Leader: greslikd@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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