Skip to navigation Skip to main content Skip to site map



Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature.
Project Name Raiffeisen Leasing d.o.o. (RLRS)
Guarantee Holder Raiffeisen Zentralbank AG (RZB)
Investor Country Austria
Host Country Serbia
Sector Leasing
Gross Exposure ($million) 40.1
Fiscal Year 2009
Status Proposed
Project Number 7991
Environmental Category FI
Date SPG Disclosed April 15, 2009
Project Board Date May 14, 2009

This summary covers a € 30 million shareholder loan from Raiffeisen Zentralbank Österreich A.G. (RZB) in Austria to its subsidiary Raiffeisen Leasing d.o.o. (RLRS) in Serbia. RZB has applied for a MIGA guarantee of up to €28.5 million for a period of up to six years against the risks of transfer restriction and expropriation of funds.

The Serbian leasing market is currently feeling the effects of the financial crisis with most leasing entities experiencing a decrease in liquidity. At the same time the demand for leasing products as a financing vehicle for SMEs continues to increase.  RZB plans to extend this €30 million loan to allow RLRS to continue to serve its existing clients, as well as generate new business. This would be MIGA’s fifth guarantee in support of this project.

Environmental Categorization

The project is a Category FI under MIGA’s environmental review procedures.

Development Impact

This project is expected to contribute to the development of the financial sector in Serbia by improving access to finance, particularly to segments of the economy that are currently underserved. The project will meet the increasing demand for leasing as a form of asset financing.

One of the main objectives of the World Bank Group’s country partnership strategy for Serbia for 2008-2011, which is broadly structured around the Serbian government’s development strategy, is encouraging dynamic private sector-led growth.  The proposed project is consistent with this objective, as the project will support investment flows into Serbia at a time when investor appetite has largely disappeared due to the ongoing global financial crisis.

The World Bank Group logo