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Summary of proposed guarantee

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. (RLMD) in Moldova
Project ID
Fiscal year
Guarantee holder
Raiffeisen Bank SA (RBRO)
Investor country
Host country
Environmental category
Date SPG disclosed
February 24, 2014
Project Board date
March 07, 2014
Gross exposure
 $32.0 million
Project type

Project Description

This summary covers the expansion of the operations of I.C.S. Raiffeisen Leasing S.R.L. (RLMD) through shareholder loans from Raiffeisen Bank S.A (RBRO). RBRO has applied for additional MIGA guarantees of up to €23.75 million ($32 million equivalent) to cover multiple shareholder loans to be disbursed from 2014-2018. Each guarantee will be for a period of up to six years against the risks of transfer restriction and expropriation of funds.

RLMD is expected to focus on leasing solutions for businesses, including for the acquisition of vehicles, machinery, and equipment. Fifty percent or more of the total number of borrowers supported by this investment are expected to be small and medium-size enterprises (SMEs) and Micro-Enterprises. MIGA supported the start-up of RLMD and has been insuring its continuous funding since 2008.

Environmental Categorization

The project is a category FI-3 under MIGA’s Policy on Environmental and Social Sustainability because the existing and proposed portfolio includes financial exposure to business activities that predominately have minimal or no adverse environmental and social impacts.

Development Impact

This project is expected to contribute to the development of the financial sector in Moldova by improving access to finance, particularly to segments of the economy that are currently underserved. The financial sector in Moldova is also expected to benefit from the presence of experienced foreign banking institutions like Raiffeisen Bank International AG, the parent company of RBRO, in terms of strengthening standards by establishing best practices, developing new products, and fostering competition among financial institutions.

MIGA’s continuing support to Moldova’s financial sector complements the World Bank Group’s strategy to encourage private sector development in the country as stated in the 2014-2017 Country Partnership Strategy for Moldova.

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