Financed ProjectsLoan to Credit Europe Bank (Mortgage).

Identification Code:

OP/13/0016

Total Operation Cost:

0

Maturity:

72 months

Operation Status:

Description and Purpose of the Operation:

The EUR 30 million loan is provided to Credit Europe Bank for the purpose of financing mortgage sub-loans in accordance with eligibility criteria agreed with the Bank. The Loan aims to contribute towards expanding of the Mortgage lending program of one of the leading Russian banks in retail lending and thus contributing to the development of the mortgage finance products in Russia.

Countries of Operation:

Russia (100,00 %)

Financial Product:

Loans

Sector:

Financial Institutions

Domain:

Private

Borrower/Client:

Credit Europe Bank

Co-Financiers/Participants:

Guarantors/Sponsors:

Developmental and Regional Cooperation Impact:

The Project is expected to have favourable economic and social benefit by increasing the accessibility of the population to affordable long- term mortgage loans; contributing to the improvement of the living conditions, supporting the Russian Government’s initiatives and increasing the employment opportunities in the construction sector.

Environmental Classification and Impact (summary):

Credit Europe Bank is expected to adopt and implement basic EHS procedures satisfactory to BSTDB and to integrate these as fully as possible into its credit/investment appraisal and monitoring process; no proceeds will be used to finance any activities contained in the BSTDB Negative List of Products; will require sub-projects to comply, at a minimum, with the environmental regulations and standards of the Russian Federation; and will submit to the Bank annual EHS performance reports.

Operation Leader:

Financial Institutions II

E-mail:

fi2@bstdb.org