23201 - ZAO Europlan II

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Summary of Proposed Investment

Project Number

23201

Company Name

ZAO Europlan

Date SPI Disclosed

Dec 29, 2005

Country

Russian Federation

Industry

Financial Markets

Projected Board Date

Feb 13, 2006

Status

Completed

Sector

Leasing Services

Department

Regional Industry FIG LAC & EUR

Environmental Category

Previous Events

Approved : Jun 8, 2006
Signed : Aug 2, 2006
Invested : Dec 29, 2006

Project Description

Europlan or the company is Russia’s leading provider of automobile and equipment capital lease financing to local SME customers and IFC’s portfolio client since 2000. The company’s current portfolio is primarily comprised of assets in growth sectors of the Russian economy such as automobile manufacturing, trade, food production, machinery and printing. Its car lease portfolio with about 5,000 cars is the largest in Russia at present. Europlan has the widest national presence of any leasing company in Russia and besides its headquarters in Moscow, it has branches in St. Petersburg, Rostov-on-Don, Yekaterinburg, Nizhny Novgorod, Samara and Krasnodar and representation offices in other 15 regional cities.

Project Concept: This project comprises an A Loan of up to $20 million to Europlan and would have a maturity of 6 years and envisage a Ruble-linked feature. The loan would be used by the Company to finance its leasing activities in Russia.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	19.96
Equity

Development Impact

Development Impact:

The project will have strong development impacts:

- Leasing has been gradually emerging as a developmental tool in financial market of Russia and as a support in servicing SMEs. Leases are often the only form of term financing SMEs or start-ups can obtain in the market since banks often under-serve them. By providing/mobilizing much-needed funding to Europlan, IFC would promote growth of leasing in Russia and support SMEs.

- IFC’s financing will help to further disseminate best-practice lease finance using high-quality procedures and analysis in the market. IFC is already familiar with Europlan’s lending practices, which leaves IFC with comfort that Europlan is capable of delivering leases to SMEs.

IFC Role:

- to help Europlan to grow rapidly in future years and thus, provide funding for that purpose;

- to provide much needed medium term financing in local currency and hence, promote Ruble-leases; and

- to lengthen maturity and thereby stabilize funding base of Europlan.

This is a Financial Intermediary (FI) Type 2 project according to IFC''s environmental review procedure. Under IFC''s previous investment, the project has established an environmental management system, attended the IFC training, nominated responsible officers and providing annual environment performance reports, and has been performing satisfactorily. For the duration of IFC''s new investment, Europlan will be required to continue to maintain its environmental management system to IFC''s satisfaction and to submit annual environmental performance reports to IFC.
Location of environmental documents In locally affected community

Contacts

For Inquiries About the Project, Contact

Hadrien J. Fraissinet
Chief Fundraising Officer, Europlan
hjf@europlan.ru

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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