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EBRD Shareholder Special Fund


THE EXTENSION OF COOPERATION WITH ORIENT EXPRESS BANK

December 2013

Dear partners,

 

We are happy to inform about expansion of cooperation between RuSEFF and Orient Express bank (OEB).

The Director of RuSEFF Program, Werner Peylo, and Deputy Director, Grigory Chorayan, took part in the meeting organized by the European bank for Reconstruction and Development (EBRD) and OEB on December 11, 2013. Duringthis meeting three new targeted credit lines have been allocated totalling 1.5 billion rubles (equivalent to EUR 34 million) with the term of three years.

The bulk of the funds (750 million rubles equivalent to EUR 17 million) is destined for making industrial and commercial premises more energy efficient.  It needs to be pointed out that the RuSEFF Program was created to support and promote sustainable energy in Russia and increase energy efficiency of Russian small and medium-sized enterprises (SMEs). At the same time, under the RuSEFF Program, OEB has already realised 163 projects, allowed to reduce and to optimize the amount and increase the quality of electric and heat energy, decrease the volume of CO₂ emissions by 4035 tonnes per annum, which is equivalent to the annual CO₂ emissions of 2017 passenger cars.

A total of 450 million rubles (equivalent to EUR 10 million) will be made available to homeowners, as well as housing associations and housing management companies, to modernize buildings under the RUSEFF Residential Program. In addition, OEB will receive 300 million rubles (equivalent to EUR 7 million) earmarked for on-lending to family farms and small plot holders within the EBRD’s Russia Small Business Fund (RSBF).

OEB is the private bank with the third largest network of bank offices in Russia covering 90 percent of the country’s regions and particularly focusing on smaller towns and second-tier cities. OEB has successfully cooperated with EBRD since 2006. This cooperation with EBRD allows the Bank to develop SMEs by making loans for them more affordable and increasing energy efficiency of SMEs with the implementation of appropriate equipment.

The realization of such projects is a priority notonly for EBRD and RuSEFF, but also for OEB. The  Bank’sCEO, SergeyVlasov, noticed: “For us this event can be considered as a landmark for several reasons. First and foremost, it represents the fact of continuing close cooperation and warm partnership with such respected international organization such as EBRD. Secondly, financing obtained from EBRD is socially oriented – we all remember the difficulties which were faced by the Far East inhabitants this summer, when Khabarovsk region and Primorsky Krai were affected by the flood”.

 

Sincerely yours,

RuSEFF