DOCUMENT OF THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT MINUTES OF THE BOARD MEETING OF 28 JUNE 2011

Transcription

1 DOCUMENT OF THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT MINUTES OF THE BOARD MEETING OF 28 JUNE 2011

2 Meeting of the Board of Directors 28 June 2011 List of Attendance Chairman First Vice President Secretary General General Counsel Directors Memduh Akçay Kurt Bayer Stefania Bazzoni Ole Blöndal João Cravinho Alain de Cointet Krystyna Gawlikowska-Hueckel Werner Gruber Thomas Hackett Sven Hegelund Etsuro Honda James Hudson Suzanne Hurtubise Bob McMullan Pedro Moriyón Denis Morozov Jonathan Ockenden Joachim Schwarzer Jean-Louis Six Pavel Štěpánek Paul Vlaanderen President Varel Freeman Enzo Quattrociocche Emmanuel Maurice Alternate Directors Virginia Gheorghiu Golan Benita Eoin Ryan François Lefebvre Stefka Slavova Kalle Killar Tatsuhiko Kasai Ole Hovland Peter Basch In-chang Song David Martínez Hornillos Herbert Junk Miguel Marques László Urbán Jan Maas Secretariat Nigel Carter Colm Lincoln Staff Horst Reichenbach Erik Berglöf Jean-Marc Peterschmitt Nick Tesseyman Josué Tanaka Hans Peter Lankes Allan Popoff Rudolf Putz George Orlov Marie-Alexandra Veilleux Mikhail Grechikho Sylvia Gansser-Potts Sergei Gutnik Peter Bryde Uri Gutermann Alexandre Nikcevic Sue Barrett Elena Gordeeva Elena Kiseleva Nandita Parshad Aida Sitdikova

3 1. Opening of the Meeting and Adoption of the Agenda The agenda was approved. The Secretary General reported that the following items had been approved on a no-objection basis: - On 21 June, the Board had approved a revision to the Procedures and Terms of Reference of Board Committees. - On 22 June, the Board had approved a loan of up to RUB 175 million (EUR 4.3 million equivalent) to Lipetsk Municipal Energy Company for the Lipetsk Municipal Infrastructure Project. Russian Federation. The loan is an extension of the loan approved in 2008 and will enable the company, which is responsible for the provision of heating, electricity distribution and water and wastewater services in Lipetsk to complete the rehabilitation and upgrade of essential district heating infrastructure. - On 24 June, following standard procedures for operations remaining unsigned after 12 months from the date of approval, the Board had reapproved a revised financing package comprising (i) an equity investment of the RUB equivalent of USD 10 million and an uncommitted loan of USD 10 million to Belaya Dacha Trading, Russian Federation, to support its medium-term investment programme. 2. Minutes of the Board Meeting of 1 June 2011 Minutes of the Board Meeting of 14 June 2011 The Board approved the minutes of 1 June Regional: Trade Facilitation Programme - Report by the Chair of the Financial and Operations Policies Committee The Board approved: - the extension of the Trade Facilitation Programme until 30 June 2013; - maintenance of the existing programme limit at 1.5 billion; - amended approval and reporting approaches; and - addition of the possibility of the Confirming Bank and the Participating Banks to be in the same country. 4. Russian Federation: Credit Europe Bank Syndicated Loan The Board approved a syndicated loan of up to USD 150 million (EUR 106 million) to Credit Europe Bank, comprising an A Loan of up to USD 50 million (EUR 35 million) for the Bank s own account, and a B Loan of not

4 less than the A Loan amount and up to USD 100 million (EUR 71 million) for the account of participants. The A Loan will be used for the Bank to expand its loan portfolio, mainly focusing on retail and medium tier 2 local companies, particularly in the regions of the Russian Federation. The B Loan will be used for general corporate purposes, including, but not limited to, trade finance, corporate, SME and retail financing. 5. Russian Federation: DeltaCredit Bank Mortgage Loan The Board approved a loan to DeltaCredit Bank of up to USD 150 million (EURO 105 million equivalent). The loan will be used for developing residential mortgage lending. 6. Russian Federation: EcoDolie The Board approved an equity investment of up to USD 25 million (EUR 17.5 million) in Arrones Ltd. The Bank s equity investment will be used to finance land acquisition, infrastructure and other start-up and construction costs of mass market low-rise housing developments in Russian cities. 7. Ukraine: Ukrainian Agrarian Farms Ltd. (UAFL) II The Board approved the increase of the existing working capital loan to UkrFarm Funding Limited by up to USD 20 million (EUR 14.2 million equivalent) to a total of USD 40 million (EUR 28.4 million equivalent). The proceeds of the loan increase will be on-lent by UkrFarm Funding Limited to its farming subsidiaries in Ukraine for the purpose of financing the farms preand post-harvest working capital needs associated with the increase in the total area of land under cultivation and the introduction of modern farming technologies. 8. Serbia: MK Group The Board approved a loan of up to EUR 80 million to the MK Group, MK Commerce and Sunoko as Co-Borrowers. The operation supports the improvement of the Group s core agribusiness operations and the improvement of energy efficiency as well as cost efficiency of its sugar operations. The Director for Serbia confirmed that his authorities welcomed the project as one of a series in the agribusiness sector which was a clear priority. The project would generate considerable demonstration effects and provide support to farmers, not only through provision of pre-harvest financing, but also

5 through specialist support in introducing modern farming measures which would improve efficiency and increase yields. 9. Russian Federation - Brunswick Wagon Leasing Limited The Board approved an increase in the commitment of up to USD 120 million (EUR 82 million) under the existing facility to Brunswick Wagon Leasing Limited, of which up to USD 60 million (EUR 41 million) will be for the EBRD s own account, to co-finance the acquisition of additional freight railcars to satisfy the growing demand for wagon operating lease services and to support the development of a private sector provider of operating leases in the Russian market. 10. Russian Federation: FGC Bond Issue The Board approved participation of up to RUB 4.25 billion (equivalent of EUR 106 million) in a bond to be issued by the Federal Grid Company. Through the proposed transaction the Bank will facilitate improvements in energy efficiency, system stability and development of local capital markets. 11. Other business No decisions were taken under Other Business.