OOO Raiffeisen Leasing

MIGA issued guarantees of $9.5 million and €7.5 million ($8.6 million) to Raiffeisenverband Salzburg (RZBS) of Austria for its $10 million and €7.9 million shareholder loans to OOO Raiffeisen Leasing (RLRU), Moscow, the Russian Federation. The guarantees are for a period of four years and provide coverage against the risks of expropriation and transfer restriction. They complement a $5.7 million guarantee that MIGA issued to RZBS in March 2003 and a further two guarantees that MIGA issued to Raiffeisen Steiermark in fiscal years 2002 and 2003 amounting to $33.25 million.

The new shareholder loans guaranteed by MIGA will finance the expansion of Raiffeisen Leasing’s operations in the Russian Federation, increasing the availability of medium-term lease financing, particularly for SMEs. The project will also contribute to employment creation through new or expanding companies benefiting from the project’s leasing oper-ations. RLRU plans to conduct significant on- and off-site training which will improve the skills base of professionals in the financial sector.