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STLC 2

Russia | Industrials

Identification Code:: OP/19/0048
Total Operation Cost:: — USD
Maturity:: 96 months
Operation Status:: BSTDB Approved Amount – Approval Date

23.000.000 USD – 29 Nov 2019
: BSTDB Signed Amount – Signed Date

23.000.000 USD – 27 Jan 2020
: Status:
Active
Description and Purpose of the Operation:: Long term unsecured corporate loan to State Transport Leasing Company of up to USD 23 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.
Countries of Operation:: Russia (100,00%)
Financial Product:: Loans
Sector:: Industrials
Domain:: Private
Borrower/Client:: STLC, Russia
Co-Financers/Participants:: Potentially Eurasian Development Bank
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 (the Russian EIA) process including public hearings that were completed in Feb 2018 and construction works started in Mar 2018. Considering the existing gaps between the OVOS approach, namely with regard to assessment of social impacts, and the ESIA requirements applied by BSTDB it was necessary to identify these differences, assess whether they may pose material risks to the Operation, natural environment, and local communities’ health, safety and security, as well as the reputation of the Bank, and identify measures of closing any such gaps. The gap-analysis of the existing OVOS and other key project documentation against the compliance requirements for Category A operations of BSTDB have been commissioned to a reputable Moscow-based E&S consulting firm Ecoline. The Consultant advised BSTDB on the materiality of any such gaps, drafted an Environmental and Social Action Plan (ESAP) that addressed these issues during construction and operation of the Terminal, and a Stakeholder Engagement Plan (SEP). The Bank publicly disclosed these documents both in Russian and English in Jan 2019 and until present did not receive any public complaints or comments related to the Project. The implementation of ESAP and SEP represented the main E&S term and condition of BSTDB’s financing. For the purpose of this Operation the Borrower will be required to provide the Bank with regular progress reports covering the implementation of ESAP and SEP.
Operation Leader:: General Industries, Transport, Tourism 1
E-mail:: gitt1@bstdb.org