Project description
and objectives:
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Senior syndicated loan to NLB Tutunska Banka, Skopje, FYR Macedonia, of up to
EUR 40 million (the “Loan”) for on-lending to private sector businesses (up to
75% of the Loan) and private individuals (up to 25% of the Loan). The Loan
will be granted under the EBRD A/B structure. The EBRD plans to lend EUR 15
million for its own account (“A Loan”) and to syndicate EUR 25 million (“B
Loan”) to participating banks.
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Transition impact:
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The main rationale for the Bank’s involvement in the project is to support the
development and expansion of financial intermediation of the banking sector in
FYR Macedonia by providing the necessary medium-term financing to the most
dynamic and fastest growing bank in the country and fostering competition. The
FYR Macedonian ratio of domestic credit to GDP in June 2005 stood at only
24.2%, which is still much lower than the values for Croatia (73.1%) and the
EU (above 100%).
The proposed project will also increase NLB Tutunska Banka’s access to
medium-term financing and assist the borrower in diversifying its sources of
funding through the international syndication market. This will have a strong
demonstration effect in encouraging similar funding strategies among other
banks in FYR Macedonia as well as by mobilising international lenders to
consider opportunities in the countries.
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The client:
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NLB Tutunska Banka ad, Skopje is the third largest universal commercial bank
in the country. The bank is majority owned by the NLB Group.
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EBRD finance:
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The EBRD plans to lend EUR 15 million for its own account (“A Loan”) and to
syndicate EUR 25 million (“B Loan”) to participating financial institutions.
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Total project cost:
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EUR 40 million.
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Environmental impact:
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NLB Tutunska Banka will continue to:
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Apply EBRD’s Environmental Procedures for Local Banks;
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Ensure that the borrowers comply with EBRD’s Environmental Exclusion and
Referral List;
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Comply with relevant national employment laws and standards and Conventions of
the International Labour Organisation related to the employment of children
and young people, discrimination at work, and forced labour;
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Ensure compliance of sub-borrowers with national standards for environment,
health and safety;
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Ensure compliance of sub-borrowers with relevant requirements for public
disclosure and consultation; and
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Provide annual environmental, health, safety 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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Nastoska Ljiljana, Director Corporate Banking Division
NLB Tutunska
Banka
Tel: +389-2-3105-656
E-mail: nastoska@tb.com.mk
Biljana Stepanuleska Pochevska, Head Project Finance Department
NLB
Tutunska Banka
Tel: +389-2-3105-678
E-mail: b.stepanuleska@tb.com.mk
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EBRD contact:
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Naum Ribaroski, Operation Leader: ribarosn@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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