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State Leasing Transport Company

Russia | Industrials

Identification Code:: OP/18/0032
Total Operation Cost:: — USD
Maturity:: 108 months
Operation Status:: BSTDB Approved Amount – Approval Date

69.000.000 USD – 23 Nov 2018
: BSTDB Signed Amount – Signed Date

69.000.000 USD – 13 Feb 2019
: Status:
Active
Description and Purpose of the Operation:: Long term unsecured corporate loan to PJSC State Transport Leasing Company (the "STLC") of up to USD 69 million. The proceeds of the loan will be used for Capex related to construction of a modern coal transshipment terminal in newly built Lavna Commercial Port in Murmansk Region, Russia or purchases of other transport equipment, acceptable for the Bank.
Countries of Operation:: Russia (100,00%)
Financial Product:: Loans
Sector:: Industrials
Domain:: Private
Borrower/Client:: STLC, Russia
Co-Financers/Participants:: —
Guarantors/Sponsors:: N/A
Developmental and Regional Cooperation Impact:: The Bank’s financing will support a new modern transshipment facility thus promoting export of goods and services, development of infrastructure and new employment creation.
Environmental Classification and Impact:: Category A operation. The project underwent the formal OVOS process including public hearings that were completed in Feb 2018. The existing gaps between the OVOS approach, namely with regard to assessment of social impacts, and the ESIA requirements applied by BSTDB, a gap analysis has been commissioned to a reputable consultant. The consultant will advise BSTDB on the materiality of any such gaps, will draft an Environmental and Social Action Plan (ESAP) that will address these issues during construction and operation of the Terminal, and a Stakeholder Engagement Plan (SEP). As per the approved Terms of Reference the summary of findings were made available to the Bank by the Consultant, and it indicates that there are no material E&S risks and impacts associated with the Terminal. The SEP has also been prepared and shared with the Bank. The Gap-Analysis and the ESAP will follow shortly. The E&S due diligence will be completed upon the final receipt of deliverables from the Consultant, but in any case before the loan agreement will be drafted so that the findings of the due diligence will be duly covenanted and integrated in the structure of the loan to STLC.
Operation Leader:: General Industries, Transport, Tourism 1
E-mail:: gitt1@bstdb.org