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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
Not Active
Guarantee holder
Raiffeisen Bank SA
Investor country
Host country
Environmental category
Date SPG disclosed
April 09, 2008
Project Board date
April 25, 2008
Gross exposure
 $7.3 million
Project type

View Summary of Proposed Guarantee

Project Number 7552
Environmental Category C
Date SPG disclosed April 9, 2008
  View SPG
Projected Board date April 25, 2008

Project Description

MIGA has issued a guarantee of $7.34 million to Raiffeisen Bank SA in Romania covering its shareholder loan to its subsidiary I.C.S. Raiffeisen Leasing S.R.L. (RLM) in the Republic of Moldova. MIGA’s coverage is for a period of up to six years against the risks of transfer restriction and expropriation of funds.

This project constitutes the start-up phase of Raiffeisen Zentralbank (RZB) Group’s leasing operations in Moldova, undertaken by its Moldovan subsidiary, RLM. Vehicles, such as trucks, trailers, and industrial equipment, are expected to make up 60 percent of RLM’s portfolio, with passenger cars (including vans and buses up to 3.5 tons) making up the balance. Fifty percent or more of the total number of borrowers supported by this investment are expected to be small and medium-size enterprises (SMEs).

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 shareholder loan will allow RLM to start its leasing operations and contribute towards meeting the rapidly growing demand for leasing services in Moldova.

The financial sector of Moldova will also benefit from the presence of an experienced foreign banking institution like RZB Group, in terms of strengthening standards by establishing best practices, developing new products, and fostering competition among financial institutions.

The World Bank Group’s country assistance strategy for Moldova places emphasis on the need to help develop and expand the private sector, particularly SMEs, and to broaden financial sector intermediation in the country.

This is MIGA’s first guarantee in support of foreign investment in the Moldovan leasing sector. This is also MIGA’s first guarantee for a Romanian investor and the first guarantee in support of RZB Group’s operations in Moldova.

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