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Project Brief

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. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
I.C.S. Raiffeisen Leasing S.R.L.
Project ID
Fiscal year
Guarantee holder
Raiffeisen Bank SA
Investor country
Host country
Environmental category
Date SPG disclosed
August 03, 2011
Project Board date
August 18, 2011
Gross exposure
 $6.5 million
Project type
Strategic priority area

View Summary of Proposed Guarantee

On October 21, 2011, MIGA issued a guarantee of €4.75 million ($6.5 million equivalent) to Raiffeisen Bank S.A. of Romania for its shareholder loan to I.C.S. Raiffeisen Leasing S.R.L in Moldova (RLMD). The coverage is for a period of up to five years against the risks of war and civil disturbance, transfer restriction, and expropriation.

Raiffeisen Bank S.A.’s shareholder loan of €5.0 million is aimed at enhancing the capacity of I.C.S. Raiffeisen Leasing S.R.L. to provide operating leases for motor vehicles, machinery, and equipment in the Moldovan market. Over 50 percent of the total number of lessees supported by this investment are expected to be small and medium-size enterprises (SMEs). MIGA has provided earlier support for RLMD’s start up and expansion.

This project is expected to contribute to further development of the financial sector in Moldova by improving access to finance, particularly to segments of the economy that are currently underserved. The World Bank Group’s Country Partnership Strategy for Moldova emphasizes the need to enhance competitiveness of the country's enterprise sector, encourage more investment activity, and promote the expansion of the SME sector.

The project is also aligned with MIGA’s strategy of promoting investments into countries eligible for concessional lending from the International Development Association and South-South investments.

The project is underwritten through MIGA’s Small Investment Program.

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