24404 - UVTB

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Summary of Proposed Investment

Project Number

24404

Company Name

Open joint-stock company "Urals Commercial Bank For Foreign Trade" ("Uralvneshtorgbank")

Date SPI Disclosed

Aug 16, 2005

Country

Russian Federation

Industry

Financial Markets

Projected Board Date

Sep 16, 2005

Status

Completed

Sector

Commercial Banking - General

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Jun 9, 2006
Signed : Nov 3, 2006
Invested : Nov 28, 2006

Project Description

The project is to provide a $15 million financing package to Uralvneshtorgbank (UVTB or the bank), a medium-sized regional bank based in Yekaterinburg, Russia. UVTB specializes in lending to Small and Medium Enterprises (SMEs) and individuals. The proposed IFC financing would support UVTB’s strategy and assist in its expansion. The bank is one of the market leaders in Yekaterinburg (a large industrial city in the Urals), the greater Yekaterinburg area and neighboring regions, which it considers its home market.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	15.0
Equity

Development Impact

IFC’s investment in UVTB will have a strong developmental impact, as it will increase access to finance by SMEs and have a positive impact on financial sector development. SMEs in Russia have few potential sources of credit, and most credit is only available for short tenors. Furthermore, the Russian financial sector is under-developed and the country’s current macro-economic growth is not sustainable without a banking system which engages in true financial intermediation. In addition to developing banking services in the regions, this project is expected to create a demonstration model for existing banks, encouraging them to expand their private sector lending activities.

This is a category FI Type 1 project according to IFC’s environmental and social review procedure. UVTB is required to establish an environmental management system (EMS) to the satisfaction of IFC. The EMS should ensure that the SME enterprises it finances comply with Russian environmental and occupational health and safety requirements, and that the micro-finance investments are incompliance with the microfinance exclusion list. Designated UVTB officers will need to complete IFC’s environmental training course for financial intermediaries and the bank will need to provide IFC with environmental performance reports on an annual basis.
Location of environmental documents in locally affected community

Contacts

For Inquiries About the Project, Contact

Dimitre Mitov, Investment Officer dmitov@ifc.org Galina Klimenko, Investment Officer gklimenko@ifc.org

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.

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