BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

Sources of Finance 

for Trade & Investment in the NIS

Table of Contents

BISNIS FinanceLink. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. 2

Export-Import Bank 

of the United States (Ex-Im Bank) ............................................. 3

Overseas Private

Investment Corporation (OPIC) .............................................. 14

Trade Development Agency (TDA) ........................................... 16

U.S. Department of Agriculture

Export Credit Programs .................................................... 18

European Bank

for Reconstruction and Development (EBRD) ................................... 20

EBRD New Trade Facilitation Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25

EBRD Russia Small Business Fund ........................................... 31

World Bank Group ........................................................ 36

Investment Funds ......................................................... 41

Asian Development Bank (ADB) ............................................. 57
Sources of Finance July 1999 2

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

BISNIS FinanceLink

FinanceLink is simple, easy-to-use, free service that promotes relationships between exporters and

finance service providers with no commitment. For exporters, it is a five-minute process that simply

requires the U.S. company to visit the BISNIS website (www.mac.doc.gov/BISNIS) and fill out a short

application to provide company contact information and details on planned transactions.

March 1999

BISNIS FinanceLink is designed to help US companies seeking financing for the export of goods with at

least 51 percent US content from the United States to the Newly Independent States by facilitating links

between U.S. exporters and U.S.-based financial services companies. To participate in the program, fill out

the form available on the BISNIS website at: www.mac.doc.gov/bisnis/finlin3.htm. Through BISNIS

FinanceLink, your proposed transaction will be submitted to participating financial service providers.

NOTE: Information collected through BISNIS FinanceLink will be forwarded only to financial service

companies registered with BISNIS. Aside from this disclosure, all information will treated as confidential

by BISNIS and the International Trade Administration to the extent allowed under law. However,

companies should be aware that such information may be subject to the Freedom of Information Act, 5

U.S.C. Sec. 552.

Exporters are strongly encouraged to consult the broadest variety of public and private sources for their

export transactions. The number of financial service providers participating in BISNIS FinanceLink is

growing and, at no time should be considered exhaustive. 

BISNIS FinanceLink is an informational service. Information collected on U.S. companies' planned

transactions and transferred to financial service companies in no way constitutes an endorsement or

guarantee of future performance of listed companies on any side of an export transaction. 

Finance service companies wishing to receive these regular updates of export transactions must be

incorporated in the U.S. and conduct their business in the United States should email their company contact

information to BISNIS@ita.doc.gov 

NOTE: Exporters should also be aware that exports of certain dual-use commodities, technology and

software from the United States to the NIS, as well as reexports of certain U.S.-origin products from

foreign countries to the NIS require prior written export authorization from the Department of Commerce's

Bureau of Export Administration (BXA). In addition, U.S. exporters must obtain prior U.S. Government

authorization for virtually all items they export to third countries, including the NIS, if they know such

items will be reexported, in whole or in part, to embargoed destinations or entities. BXA is responsible for

licensing exports of dual-use items to most countries of the world, including certain embargoed destinations

(e.g., Cuba and North Korea) (see 15 CFR parts 739-744). The Treasury Department's Office of Foreign

Assets Control is responsible for licensing exports to other embargoed destinations and entities (e.g., Iran,

Iraq, Libya and Specially Designated Territories) (see 31 CFR parts 500-597).
Sources of Finance July 1999 3

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

EXPORT-IMPORT BANK OF THE UNITED

STATES (Ex-Im Bank)

The Export-Import Bank of the United States (Ex-Im Bank) is an independent U.S. Government agency

that helps finance the overseas sales of U.S. goods and services. For 65 years, Ex-Im Bank has supported

more than $300 billion in U.S. exports.

Updated March 1999

EX-IM BANK’S MISSION

Ex-Im Bank’s mission is to create jobs in the United States through the export of U.S. products. It provides

guarantees of working capital loans for U.S. exporters, and it guar-antees the repayment of loans or makes

loans to foreign purchasers of U.S. goods and services. Ex-Im Bank also provides credit insurance that

protects U.S. exporters against the risks of non-payment by foreign buyers for political or com-mercial

reasons. Ex-Im Bank does not compete with commercial lenders, but assumes the risks they cannot accept.

For each Ex-Im Bank transaction, Ex-Im’s criteria for “reasonable assurance of repayment” must be met. 

 

Ex-Im Bank helps provide a level playing field for U.S. exporters by countering the export credit subsidies

of other governments. To qualify for Ex-Im Bank support, a transaction must meet rigorous credit

standards. The product or service being financed must have at least 50 percent U.S. content and must not

adversely affect the U.S. economy. The dollar amounts of transactions financed by Ex-Im Bank vary

greatly, with services available for small, medium-sized, and large companies and transactions.

Ex-Im Bank will finance the export of any type of good or service, including commodities, as long as they

are not military-related (certain exceptions exist). Two of the Bank’s major goals are to increase the export

of environ- mental goods and services, which are in strong demand among developing nations, and to

expand the number of U.S. small businesses using Ex-Im Bank programs.

While Ex-Im Bank is not a foreign aid or development agency, its programs often help U.S. exporters

participate in development projects. Ex-Im Bank has co-financed projects with the U.S. Agency for

International Development, the World Bank, and regional development banks.

 

EX-IM BANK PROGRAMS

Working Capital Guarantees

Ex-Im Bank working capital guarantees cover up to 90 percent of the principal and interest on commercial

loans to creditworthy small and medium-sized companies that need funds to produce or market U.S. goods

or services for export. Obtaining an Ex-Im Bank working capital guarantee helps a U.S. manufacturer or

exporter to obtain the best financing terms from a private lender. Guarantees are issued for a single

transaction or a revolving line of credit. Guaranteed loans generally have maturities of 12 months and are

renewable. Certain lenders, experienced in the program, have been given authority to commit Ex-Im Bank's

guarantee. Ex-Im Bank’s two main con-cerns regarding working capital guarantees are the exporter’s
Sources of Finance July 1999 4

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

ability to perform satisfactorily and a reasonable assurance of repayment.

Export Credit Insurance

Export credit insurance policies protect against both the political and commercial risks of a foreign buyer

defaulting on payment. Policies may be obtained for single or repetitive export sales and for leases. Shortterm policies generally cover 100 percent of the principal for political risks and 90-95 percent for

commercial risks, as well as a specified amount of interest. They are used to support the sale of consumer

goods, raw materials, and spare parts on terms of up to 180 days, and bulk agricultural commodities,

consumer durables, and capital goods on terms of up to 360 days. Under the medium-term policy, which

covers 100 percent of principal and interest on the financed portion, capital goods may be insured for up to

five years depending upon the contract value. Ex-Im Bank’s credit insurance allows exporters to finance

receivables more easily by assigning the proceeds of the policy to their lender.

Guarantees of commercial loans

Guarantees of commercial loans to foreign buyers of U.S. goods or services cover 100 percent of principal

and interest against both political and commercial risks of nonpayment. Medium-term guarantees cover the

sale of capital items such as trucks and construction equipment, scientific apparatus, food processing

machinery, medical equipment, or project-related services--including architectural, industrial design, and

engineering services. Long-term guarantees are available for major projects, large capital goods and/or

project-related services. Ex-Im Bank's Credit Guarantee Facilities also can be used to extend medium-term

credit to buyers of U.S. capital goods and services through banks in certain foreign markets.

Direct Loans

Direct Loans provide foreign buyers with competitive, fixed-rate financing for their purchases from the

United States. Ex-Im Bank's loans, guarantees and medium-term insurance cover 85 percent of the contract

price (100 percent of the financed portion). The foreign buyer is required to make a 15 percent cash

payment. The fees charged by Ex-Im Bank for its programs are based on the risk assessment of the foreign

buyer or guarantor, the buyer's country, and term of the credit. Ex-Im Bank's fees are highly competitive

with those charged by the export credit agencies of other exporting countries.

Exporters can obtain an Ex-Im Bank Letter of Interest (LI) to assist in negotiations with a potential foreign

buyer. The LI indicates the Bank's willingness to consider a financing offer if sale is completed. An LI can

be issued within seven days of a request for financing and remains in effect for six months. 

NIS PROGRAMS

Ex-Im Bank programs are available to support U.S. exports to most of the NIS countries. In many

countries, Ex-Im Bank will accept only sovereign risk, i.e., obligors which commit the full faith and credit

of the national government. In Russia, Ex-Im Bank will now accept bank guarantees from private

commercial banks. Currently, transactions with private Russian bank guarantees are being evaluated on a

case-by-case basis.

 

Exports of consumer goods, spare parts, raw materials (on terms up to 180 days), and bulk agricultural

commodities, agricultural chemicals, and quasi-capital goods (on terms up to 360 days) can be supported

under Ex-Im Bank’s short-term credit insurance.

 

Exports of capital goods and related services can be supported where Ex-Im Bank is open for medium-term

loans, guarantees and insurance (up to 5 year repayment terms), and/or long-term loans and guarantees (up

to 10 years). For most countries, transactions will be structured on a sovereign basis with the country's

Ministry of Finance as the borrower, or with a government bank or a corporation as the borrower and a

Ministry of Finance guarantee. Prior to accepting an application for a final commitment in Russia and the
Sources of Finance July 1999 5

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

NIS, Ex-Im Bank will require an indication of host-government support for the application, except for

private-sector risk in Russia.

Also, Ex-Im Bank is willing to consider financing secured by assignment of hard currency earnings held in

offshore escrow accounts and other assets without recourse to the government. Such projects involving a

public sector borrower may require a waiver of the "negative pledge" clause (imposed by the World Bank,

IMF, EBRD) regarding the use of state-owned assets as security for international financial transactions.

RUSSIA

At present, Ex-Im Bank is willing to extend insurance, guarantees and credits based on export contract

security arrangements, limited recourse project risk, Russian sovereign risk, and private commercial bank

risk. Exporters can apply for a letter of interest (LI) when negotiating a sale of capital goods or services to

Russia. The LI will be issued within seven business days and indicates Ex-Im Bank's willingness to finance

a potential sale. LI’s are not available under the Oil and Gas Framework Agreement or the Russian Forest

Products Industry Memorandum of Understanding. 

Sovereign Risk

Ex-Im Bank supports—under its short- and medium-term insurance, loan, and guarantee

programs—transactions involving U.S. exports to the Russian Federation where the only available security

would be a sovereign obligation or guarantee. In such cases, the obligor will be the Bank for Foreign

Economic Affairs of the Russian Federation (Vneshekonombank), acting on behalf of the Russian

Federation. Before processing applications for sovereign risk transactions, Ex-Im Bank will require

clearance from Vneshekonombank. A confirmation from the Russian Ministry of Finance will be needed for

medium-term transactions.

Private Commercial Bank Risk

Ex-Im Bank is open for short- and medium-term private sector risk, if a Russian commercial bank acts as obligor

or guarantor. At this time, transactions are limited to $10 million or less. The Russian bank must be adequately

capitalized, and in sound financial condition, and must provide at least three years of financial statements, in

English, audited by a recognized auditor in accordance with international accounting standards. There are no

pre-approved Russian banks.

 

Export-Contract Security for Oil and Gas Projects

In July 1993, Ex-Im Bank signed the Oil and Gas Framework Agreement under which Ex-Im Bank may

provide financing assistance for purchases of equipment and services to revitalize Russia's energy sector.

Repayment security will be through the assignment of hard currency export contracts with reliable offtake

parties, with sales proceeds deposited directly into offshore accounts. Applications for final commitments

are accepted only from the Russian borrower and only after approval of the transaction by the Ministry of

Fuel and Energy. Repayment terms will be five years (or possibly longer, if appropriate). The same model

may be used for sectors other than oil & gas.

 

Asset-Based Financing

Ex-Im Bank is also prepared to consider export security arrangements to assist certain export sectors such

as minerals and forest products. Ex-Im Bank will consider loan and guarantee applications in any sector of

the Russian economy where the project will generate hard-currency export revenues and where the amount

of financing by Ex-Im Bank will be significant. Repayment terms and security arrangements will be on a

case-by-case basis.

Russian Forest Industry
Sources of Finance July 1999 6

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

On January 30, 1996, Ex-Im Bank signed a Memorandum of Understanding with Rosles prom, the Russian

state timber industry governmental entity. This memorandum opens the way for Ex-Im Bank to support

transactions involving the export of U.S. goods and services for the modernization of Russia’s timber

industry. The Memorandum provides that Ex-Im Bank will obtain repayment security for individual

transactions from the proceeds of hard currency export sales of existing production by enterprises in the

Russian forest industry. Please contact Ex-Im Bank for additional information.

 

CONTACT INFORMATION

United States

Oleg Enoukov

The Bank for Foreign Economic Affairs

(Vneshekonombank -VEB) 

527 Madison Avenue

New York, NY 10022

Tel.: (212) 421-8660; Fax: (212) 421-8677

Russia

Ludmila N. Rybakova

The Bank for Foreign Economic Affairs

(Vneshekonombank)

3/5 Kopievski pereulok 

Moscow 103009

Tel.: +7 (095) 204-6384

Fax: +7 (095) 975-2069

 

Oil and Gas Framework Agreement

Igor Starostin

Ministry of Fuel and Energy

Kitaisky pr. 7

103074 Moscow

Tel.: +7 (095) 929-1703

Fax: +7 (095) 975-2045

Ministry of Finance

Tatiana Kim

Tel.: +7 (095) 298-9125

Fax: +7 (095) 925-0889

Armenia

Coverage is not currently available in Armenia.

Azerbaijan

Coverage is not currently available in Azerbaijan.

Belarus

Coverage is not currently available in Belarus.

Georgia

Although closed for certain routine trade finance

transactions, Ex-Im Bank will consider structured

financing arrangements such as Ex-Im Bank's

project finance program, asset-based aircraft

leases, and other financing arrangements that offer

a reasonable assurance of repayment, 

including reliable access to adequate foreign

exchange.

Kazakhstan

Short-, medium-, and long-term cover is available

for sovereign risk transactions. Ex-Im Bank

requires an indication of host government support

before accepting a final application. For more

information contact Mr. B Izteleuov, Chairman of

the Board of the Kazakhstan Ex-Im Bank, at +7

(3272) 633-767 (voice), or +7 (3272) 509-629

(fax). Ex-Im Bank is now open up to mediumterm for private sector trans-actions, as well, most

likely with a guarantee from a Kazakhstani bank.

(No preapproved banks there.)

Kyrgyzstan

Coverage is not currently available in Kyrgyzstan.

 

Moldova

Short-and medium-term cover is available for

sovereign risk transactions. Ex-Im Bank requires

an indication of host government support before

accepting a final application. Please call Ex-Im

Bank for more information.

Russia

Closed for long-term private sector transactions

Tajikistan

Coverage is not currently available in Tajikistan.

Turkmenistan

Short-and medium-term cover is available for

sovereign risk transactions. Ex-Im requires an

indication of host government support before

accepting a final application. For more

information, contact Mr. Gurbanmuradov,
Sources of Finance July 1999 7

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

Chairman of the State Bank for Foreign Economic Affairs of Turkmenistan (Turkmenvneshekonombank), at +7 (3632) 510-570 (voice), or

+7 (3632) 510-070 or 298-928 (both fax).

Ukraine

Short-and medium-term cover is available for

sovereign risk transactions. For medium-term

exports, Ex-Im Bank requires an indication of

host government support before accepting a final

application. For more information, please contact

Mr. Victor V. Kapustin, Department Chairman, at

the State Export-Import Bank of Ukraine

(Ukreximbank), at +380 (44) 228-8336, or 226-

3347 (both voice), or 229-8082 (fax); or contact

Mr. Victor A. Hlacky at 228-5103 (voice) or 229-

8082 (fax).

Uzbekistan

Short-, medium-, and long-term cover is available

for sovereign risk transactions. Ex-Im Bank

requires an indication of host-government support

before accepting a final application. For more

information, please contact Mr. Rustam S.

Azimov, Chairman of the Board of the National

Bank for Foreign Economic Activity of the

Republic of Uzbekistan, at +7 (3712) 336-070

(voice), or 333-200 (fax).

EX-IM BANK CONTACT

INFORMATION

Ex-Im Bank's coverage policies are subject to

periodic review and may change from time to

time. For additional information on Ex-Im Bank's

programs in the Newly Independent States,

contact Ex-Im Bank:

 

U.S. Toll Free Number: 1 (800) 565-EXIM 

Worldwide Number: (202) 565-3946 

Home page: www.exim.gov

 

Business Development Group

Tel.: (202) 565-3900

Fax: (202) 565-3931

 

U.S. Regional Offices

New York, New York

Tel.: (212) 466-2950

Fax: (212) 466-2959 

Miami, Florida

Tel.: (305) 526-7425 

Fax: (305) 526-7435 

Chicago, Illinois

Tel.: (312) 353-8081 

Fax: (312) 353-8098

Houston, Texas

Tel.: (713) 589-8182

 Fax: (713) 589-8184

Long Beach, California

Tel.: (310) 980-4580

Fax: (310) 980-4590
Sources of Finance July 1999 8

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

EX-IM BANK CITY/STATE PARTNERS PROGRAM

What Is the City/state Partners Program?

The City/State Partners Program is a joint effort between Ex-Im Bank and state and local entities around the

country to bring Ex-Im Bank's financing services to small and medium-sized U.S. companies that are ready to

export. Small business represents the economic sector where the greatest potential for American job and export

growth lies. But despite the competitiveness of their products, smaller businesses often cannot get commercial

bank export financing. Frequently they are unaware of Ex-Im Bank's programs and how to use them.

To bridge the gap, Ex-Im Bank has formed partnerships with 36 state and local government offices and private

sector organizations to bring its programs to the exporter at the lowest cost to the American taxpayer. Ex-Im

Bank has resources in the form of loans, guarantees and insurance programs. State and local representatives have

the staff and the knowledge of the local market and how to reach it. By pooling strengths in a local-federal

partnership, both accomplish what neither could do alone—creating high-quality U.S. jobs and expanding the

local tax base through exports.

How Does the Program Work?

Ex-Im Bank trains the staff of its City/State partners to market Ex-Im Bank's programs to local businesses and

commercial banks, teach seminars, counsel exporters and banks, and package transactions. The expense of

packaging a small deal is often prohibitive for a bank. By packaging transactions for the banks, City/State

partners facilitate many commercial loans that otherwise would not go forward.

Where Are Programs Operating?

City/State partners programs presently are operating in 30 states, three counties, two cities, a Chamber of

Commerce and the Commonwealth of Puerto Rico. The addresses of these programs are listed on the following

pages. Other interested agencies should contact: 

What Services Are Available Through the Program?

All Ex-Im Bank resources are available through its City/State partners, including two programs found

particularly useful by smaller exporters: (1) the Working Capital Guarantee Program which provides

guarantees of working capital loans to finance companies' export-related and pre-export activity, and (2) the

Export Credit Insurance Program that insures companies against payment default by foreign customers.

Ex-Im Bank also provides medium-term credits and guarantees.

Export Assistance Center Liaison

City/State partners also represent Ex-Im Bank in the U.S. Export Assistance Centers set up around the country by

the Trade Promotion Coordinating Committee to bring a wide range of federal government trade promotion services

to smaller exporters.

U.S. EXPORT ASSISTANCE CENTER CONTACTS

State of Alaska

Alaska Industrial Development & Export

Authority (AIDEA)

480 West Tudor Road

Anchorage, AK 99503

Tel.: (907) 269-3000; Fax: (907) 269-3044

Email: jmcmillan@aidea.alaska.net

Contact: Jim McMillan, Deputy Director

Programs: Business finance assistance, loan

packaging and referral for Ex-Im Bank programs,

referral service for SBA programs.

State of Arkansas

Arkansas Development Finance Authority

100 Main St., Suite 200

Little Rock, AR 72203-8023

(501)682-5910 Fax: (501) 682-5939

Email: bscoggins@adfa.state.ar.us
Sources of Finance July 1999 9

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

Contact: Brian Scoggins, Export Finance

Manager

State of California

Bay Area World Trade Center

345 California Street, 7th Floor

San Francisco, CA 94104

Tel.: (415) 392-2705; Fax: (415) 392-1710

Email: pyap@bawtc.baytrade.org

Contact: Peter Yap, Trade Manager

Programs: Financial advice, counseling, seminars

and market research, Ex-Im Bank packaging,

trade finance structuring.

California Export Finance Office

One World trade Center, Suite 900

Long Beach, CA 90831-0900

Tel.: (562) 499-6014; Fax: (562) 499-6080

Email: cbrown@commerce.ca.gov

Homepage: commerce.ca.gov/international/cefo

Contact: Caroline V. Brown, Director

Programs: Ex-Im Umbrella Policy, pre/post

shipment loan guarantee and SBA packaging. 

State of Florida

Florida Export Finance Corp

5600 North West 36th Street, Suite 615

P.O. Box 526524

Miami, FL 33152-6524

Tel.: (305) 870-5027; Fax: (305) 870-5017

Email: fefc@gate.net

Homepage: www.dos.state.fl.us/fefc

Contact: Steve Fancher, President

Programs: Trade finance structuring, insurance

counseling & WCGP packaging.

State of Georgia

Export Assistance Center

285 Peachtree Center Avenue, NE-Suite 200

Atlanta, GA 30303-1229

Tel.: (404) 656-4504; Fax: (404) 651-6505

Homepage: www.itt.state.ga.us

Contact: Bill Bounds, Export Finance Director

Programs: Trade finance structuring fixed asset

financing, insurance counseling & WCGP

packaging.

State of Illinois

International Trade Center at University of

Illinois, Urbana-Champaign

428 Commerce West, 1206 S. 6th St.

Champaign, IL 61820

Tel.: (217) 244-1585; Fax: (217) 333-7410

Email: tmornso@uiuc.edu

Contact: Tess Morrison, Director

Programs: Trade finance structuring fixed asset

financing, insurance counseling, WCGP and

federal assistance program packaging.

State of Indiana

Indiana Department of Commerce/International

Trade Division

One N. Capitol St., Suite 700

Indianapolis, IN 46204-2288

Tel.: (317) 233-4337; Fax: (317) 233-1680

Email: abrown@commerce.state.in.us

Contact: Autumn Brooks Brown, Trade Finance

Specialist

Programs: Trade finance structuring, in-surance

counseling & WCGP packaging.

State of Louisiana

Louisiana Economic Development Corp.

339 Florida Street, Suite 402

Baton Rouge, LA 70801

Tel.: (504) 342-5675; Fax: (504) 342-0142

Email: mwilliams@mail.lded.state.la.us

Contact: Michael Williams, Deputy Director

Tel.: (504) 342-5680; Fax: (504) 342-0142

Email: martinez@mail.lded.state.la.us

Contact: Felipe E. Martinez, Business Loan

Officer

Programs: Trade finance structuring, fixed asset

financing, insurance, counseling & WCGP

packaging.

Jefferson Parish Economic Development

Commission (JEDCO)

3445 N. Causeway Blvd., Suite 300

Metairie, LA 70002

Tel.: (504) 362-9378; Fax: (504) 365-3890

Email: jedco1@communique.com

Contact: Jack Blanke, Commercial Loan Officer

Programs: Trade finance structuring, fixed asset

financing, insurance counseling, WCGP and

federal assistance program packaging.

State of Maryland

Maryland Industrial Development Financing
Sources of Finance July 1999 10

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

Authority (MIDFA)

Maryland Trade Finance Program

217 E. Redwood St., 22nd Floor

Baltimore, MD 21202

Tel.: (410) 767-6383; Fax: (410) 333-6931

Email: wgreen@mdbusiness.state.md.us

Contact: William L. Green, Relationship Manager

Programs: Trade finance structuring, WCGP

packaging, Ex-Im Bank umbrella policy and 

preparation of applications for all Ex-Im Bank

programs.

State of Massachusetts

Mass Industrial Finance Agency (MIFA)

75 Federal Street, 10th Floor

Boston, MA 02110

Tel.: (617) 451-2477; Fax: (617) 451-3429

Email: ehunter@state.ma.us

Homepage: www.massdevelopment.com

Contact: Eric Hunter, Export Finance Manager

Programs: WCGP packaging, Export Guarantee

Program, trade finance struc-turing, Ex-Im Bank

Umbrella Policy.

State of Michigan

State of Michigan/Jobs Commission

Keesee & Associates

600 N. Old Woodward Ave.

Birmingham, MI 48009

Tel.: (248) 540-8476; Fax: (248) 540-2250

Email: keesee@tir.com

Contact: Don Keesee, President

Programs: Trade finance structuring, insurance,

and WCGP packaging.

State of Minnesota

Minnesota Trade Office

1000 World Trade Center

St. Paul,MN 55101-4902

Tel.: (612) 297-4658; Fax: (612) 296-3555

Email: noor.doja@state.mn.us

Contact: Noor Doja, Executive Director

Programs: Export finance counseling, packaging

of MEFA, Ex-Im Bank and SBA working capital

St. guarantees supporting exports, open account

credit insurance.

State of Mississippi

Mississippi Department of Economic and

Community Development

P.O. Box 849

Jackson, Mississippi 39205-0849

Tel.: (601) 359-6672; Fax: (601) 359-3605

Email: bscaggs@mississippi.org

Homepage: www.decd.state.ms.us

Contact: Bill Scaggs, Trade Specialist

Programs: Full service export marketing

assistance, trade promotion, trade shows, & trade

missions, business development, trade finance

structuring, insurance counseling, and WCGP

packaging.

State of Missouri

State of Missouri/Office of International

Marketing

8182 Maryland Ave., Suite 303

St. Louis, MO 63105

Tel.: (314) 425-3310, x227; Fax: (314) 425-3381

Email: steppan@stlnet.com

Contact: John Schneider, Marketing Specialist

Programs: WCGP packaging, trade finance,

counseling.

Missouri Development Finance Board

Harry S. Truman Building

301 West High Street, Room 680

P.O. Box 567

Jefferson City, MO 65102

(573) 751-8479; Fax: (573) 526-4418

Email: aweaver@mail.state.mo.us

Contact: Ashley R. Weaver, Export Loan Officer

Programs: WCGP packaging, trade finance,

counseling.

State of Montana

Montana World Trade Center

Gallagher Business Building

The University of Montana

Missoula, MT 59812-1216 

(406) 243-6982; Fax: (406) 243-2086 

Email: mwtc@selway.umt.edu

Homepage: mwtc.business.umt.edu

Contact: Leslie Ann Jensen, Trade Specialist

Programs: Full service export marketing

assistance, trade promotion, trade shows,

business development, trade finance

structuring, insurance counseling, and Ex-Im

Bank and SBA WCGP packaging.
Sources of Finance July 1999 11

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

State of Nevada

Nevada State Development Corporation

350 S. Center Street, Suite 310

Reno, NV 89501

(702) 323-3625; Fax: (702) 323-1997

Email: nsdc_rno@ix.netcom.com

Contact: Bobbi Bennett, President

Programs: Counseling and financing assistance

using SBA and Ex-Im Bank programs.

Nevada State Development Corporation

4800 Alpine Place, Suite 17

Las Vegas, NV 89107

(702) 877-9111; Fax: (702) 877-2803

Email:nsdc_lv@ix.netcom.com

Contact: Debra Swartz, Vice President

Programs:Counseling and financing assistance

utilizing SBA and Ex-Im Bank Programs.

State of New Hampshire

Office of International Commerce

International Trade Resource Center 

17 New Hampshire Avenue

Portsmouth, NH 03801-2838

(603) 334-6074; Fax: (603) 334-6110

Email: g_kewley@dred.state.nh.us

Homepage: www.dred.state.nh.us/oic/trade

Contact: A. Glen Kewley, Seniorr Export Finance

Officer

Programs: Trade finance structuring, counseling,

WCGP packaging, and packaging for all other

Ex-Im Bank programs, packager of SBA’s Export

Working Capital Guarantee Program.

State of NewYork

Erie County Industrial Development Agency

(ECIDA)

Suite 300 - Liberty Building

424 Main Street

Buffalo, NY 14202-3595

Tel.: (716) 856-6525; Fax: (716)856-6754

Email: ecida@buffnet.net

Contact: Edward Arnold, Director of International

Trade

Programs: Export trade finance, WCGP and other

loan packaging, market research & counseling;

insurance brokers (including Ex-Im Bank

insurance programs)

Monroe County Planning & Development Dept.

2 State Street, Suite 500

Rochester, NY 14614

Tel.: (716) 428-5347; Fax: (716) 428-2147

Email: phohensee@growmonroe.com

Homepage: www.embark.com/mcny

Contact: Paul Hohensee, Business Dev. Analyst

Programs: WCGP packaging, marketing information and counseling.

State of North Carolina

Small Business and Technical Development

Center (SBTDC)

333 Fayetteville Street Mall, Suite 1150

Raleigh, NC 27601-1742

Tel.: (919) 715-7272; Fax: (919) 715-7777

Email: abrady@sbtdc.org

Homepage: www.sbtdc.org

Contact: Annetta Brady, Director of International

Business Development

Programs: Trade finance structuring, WCGP

packaging, insurance counseling and referral,

marketing for Ex-Im programs, and SBA loans.

SBTDC -- Winston-Salem

P.O. Box 19483

Winston-Salem, NC 27110

Tel.: (910) 750-2030; Fax: (910) 750-2031

Email: cjohn@sbtdc.org

Contact: Charles D. John, International Trade

Counselor

SBTDC - Chapel Hill

608 Airport Road, Suite B

Chapel Hill, NC 27514

Tel.: (919) 962-0389; Fax: (919) 962-3291

Email: bphillips@sbtdc.org

Contact: Barry Phillips, Counselor

SBTDC --Charlotte

c/o The Ben Craig Center

8701 Mallard Creek Road

Charlotte, NC 28262

(704) 548-1090; Fax: (704) 548-9050

Email: mmastromichalis@sbtdc.org

Contact: Michael Mastromichalis, Int’l Trade

Counselor

State of Ohio

International Trade Division
Sources of Finance July 1999 12

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

Ohio Department of Development

775 Hyde St., 29th Floor

P.O. Box 1001

Columbus, OH 43216-1001

Tel.: (614) 466-5017; Fax: (614) 463-1540

Email: tlaporte@odod.ohio.gov

Homepage: ohiotrade.tpusa.com

Contact: Tom LaPorte, Manager

Programs: Technical export assistance,

agent/distributor searches & marketing

information. WCGP packaging.

State of Oklahoma

Oklahoma Department of Commerce

Export Finance Program

900 N. Stiles

P.O. Box 26980

Oklahoma City, OK 73126-0980

Tel.: (405) 815-6552; Fax: (405) 815-5142

Email: bddinfo@odoc.state.ok.us

Contact: Rana Brown, Economic Development

Specialist

Programs: Trade financing structure, WCGP

packaging, Ex-Im Bank Umbrella Policy and

foreign accounts receivable financing.

State of Pennsylvania

Pennsylvania Department of Community and

Economic Development

Office of International Business Development

303 Forum Building

Harrisburg, PA 17120

Tel.: (717) 787-7190; Fax: (717) 234-4560

Email: Mary_Mcglinchey@dced.state.pa.us

Contact: Mary McGlinchey, Export Finance

Specialist

Program: WCGP packaging.

City of Philadelphia 

Department of Commerce

One Parkway

1515 Arch Street, 12th floor

Philadelphia, PA 19102

(215) 683-2120 FAX: (215) 683-2097

Email: carol.brooks@phila.gov

Contact: Carol Brooks, International Trade

Coordinator

Programs:WCGP packaging.

Puerto Rico

Promoexport Puerto Rico

268 Munoz Rivera Avenue, Plaza Floor

Hato Rey Tower

Hato Rey, Puerto Rico 00918

Tel.: (787) 765-2707; Fax: (787) 765-4260

Email: emisla@promoexport.com

Contact: Edison R. Misla, Deputy Executive Dir.

Programs: Full range of export related services

and financing assistance including SBA, and ExIm Bank packaging, venture capital, and direct

loans.

State of South Carolina

Export Financial Services Inc.

P.O. Box 2877

Greenville, SC 29602

Tel.: (864) 241-6351; Fax: (864) 241-0643

Email: trotter@iopa.sc.edu

Contact: Wayne Trotter, Director

Programs: Export-readiness profiles and

assessments, market research, export strategy

development and implementation, WCGP and

insurance counseling.

State of South Dakota

South Dakota International Business Institute

Northern State University

620 SE 15th Avenue

Aberdeen, SD 57401

Tel.: (605) 626-3098; Fax: (605) 626-3004

Email: bollenj@wolf.northern.edu

Contact: Joop Bollen, Director

Programs: Full service export support, market

research, business plans & trade finance

structuring, WCGP packaging & insurance

counseling.

State of Tennessee

The Knoxville Area Chamber Partnership

601 West Summit Hill Drive

Knoxville, TN 37902-2011

(423) 632-3744; Fax: (423) 523-2071

Email: awinston@kacp.com

Homepage: www.knoxville.org

Contact: Annette Winston, Director

Programs: Trade finance and export counseling.

State of Texas

Texas Department of Economic Development

Business Development Division
Sources of Finance July 1999 13

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

P.O. Box 12728

Austin, TX 78711

Tel.: (512) 936-0270; Fax: (512) 936-0520

Email: craigp@ded.state.tx.us

Contact: Craig Pinkley, Director of Finance

Programs: Trade finance structuring, private

funding sources, WCGP packaging, fixed asset

financing, insurance referrals, trade shows)

preparation of applications for all Ex-Im Bank

programs & packaging for SBA WCGP.

Greater Dallas Chamber of Commerce

World Trade Center,

2050 Stemmons Freeway, Suite 150

Dallas, TX 75207

Tel.: (214) 712-1934; Fax: (214) 748-5774

Email: tmeyrat@dallaschamber.org

Homepage: www.gdc.org/global.html

Contact: Thierry Meyrat, Director of Trade

Finance

Programs: Full service export support, SBA

packaging, WCGP packaging, insurance

counseling, medium-term insurance.

State of Utah

Utah Technology Finance Corporation

177 East 100 South

Salt Lake City, UT 84111

Tel.: (801) 741-4220; Fax: (801) 741-4249

Email: kvance@utfc.org

Homepage: www.utfc.org

Contact: Kent Vance, Director, Trade Finance

Programs: Trade finance structuring, fixed asset

financing, insurance counseling, WCGP and

domestic state programs.

State of Vermont

Vermont Economic Development Authority

58 East State Street

Montpelier, VT 05602

Tel.: (802) 828-5461; Fax: (802) 828-5474

Email: mdussault@veda.state.vt.us

Contact: Marie Dussault, Loan Officer

Programs: WCGP packaging, counseling and

referral service for export trade structuring.

State of Virginia

Virginia Small Business Finance Authority

901 East Byrd St., Suite 1800

Richmond, VA 23219

Tel.: (804) 371-8255; Fax: (804) 225-3384

Email: AMackleyCobb@DBA.State.VA.US

Contact: Anna B. Mackley-Cobb, Financial

Services Representative

Programs: Trade finance structuring, counseling,

WCGP packaging and Ex-Im Bank Umbrella

Policy.

State of Washington

Export Finance Assistance Center of Washington

2001 6th Avenue, Suite 650

Seattle, WA 98121

Tel.: (206) 464-7152; Fax: (206) 464-7230

Email: efacw@sprynet.com

Contact: Warren Gross,

Managing Director & President

Programs: Trade financing structuring & WCGP

packaging and SBA packaging.
Sources of Finance July 1999 14

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

OVERSEAS PRIVATE INVESTMENT

CORPORATION (OPIC)

The Overseas Private Investment Corporation (OPIC) is an independent, self-sustaining U.S.

Government agency that encourages private sector U.S. investment overseas by providing investment

finance and insurance to American businesses large and small making long-term investments.

INTRODUCTION

OPIC services are available in some 140 developing nations and emerging markets worldwide, including all of

the countries of the New Independent States. OPIC has provided more than $3.5 billion in combined project

financing and political risk insurance to American companies sponsoring projects in Armenia, Georgia,

Kazakhstan, Kyrgyzstan, Moldova, Russia, Ukraine, and Uzbekistan.

OPIC PROGRAMS

Project Financing

OPIC offers direct loans and loan guarantees that help American companies open new businesses or

expand existing ones overseas. OPIC's long-term, limited-recourse project financing is available to ventures

involving significant equity participation by U.S. businesses. Loan guarantees range in size from $10

million to $200 million and are typically used for larger projects, while direct loans are reserved for small

businesses and cooperatives and generally range from $2 million to $30 million. Loan packages are

individually structured for each project, and OPIC looks for repayment from the revenues generated by the

project itself.

Political Risk Insurance

OPIC protects U.S. investors against political risks overseas by offering insurance for American

investments that covers companies against expropriation, political violence, and currency inconvertibility.

OPIC's policies are available with terms up to twenty years and for amounts up to $200 million per project.

OPIC has special programs for infrastructure development, financial institutions, leasing, natural

resources, and oil and gas projects. For the coverage, companies pay market-based fees and premiums.

Investment Funds

OPIC provides loan guarantees to support privately owned and managed investment funds that make equity

investments in new, expanding, or privatizing enterprises around the world. OPIC funds are currently operating in

nearly every region of the world, including six concentrating their investments in the NIS. The investment funds

are privately owned, privately managed, and make their own commercially- based investment decisions.

Sponsors seeking long-term growth capital for their projects should approach the appropriate fund directly.

Contact the OPIC Information Officer at (202) 336-8799 for a list of funds.
Sources of Finance July 1999 15

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@usita.gov www.bisnis.doc.gov fax: 202/482-2293

General OPIC Requirements

C OPIC-financed projects must demonstrate a potential for positive effects on the U.S. economy.

Assistance will be denied to projects that are likely to have a negative effect on U.S. employment or

trade. U.S. procurement, net financial flows, and net project exports to the United States are

considered.

C OPIC does not participate in projects subject to performance requirements that would substantially

reduce the potential U.S. trade benefits of the investment. Of particular concern are "trade-related"

performance requirements of host governments to ensure local content and minimum export levels.

C OPIC has a statutory mandate to support projects that are responsive to host country development

needs, and which foster private initiative and competition. The contribution of the proposed project to

the host country's economic and social development is closely examined. Monopoly rights or

concessions (over five years) will require special justification.

C OPIC is required by statute to decline to support projects that would have an unreasonable or major

adverse impact on the environment of the host country. OPIC will conduct an environmental

assessment of every project proposed for financing and insurance.

C OPIC is prohibited by statute from supporting projects that contribute to violations of internationally

recognized worker rights. The investor must sign a contract with OPIC pledging to respect these rights,

including the rights of association, collective bargaining and acceptable working conditions.

For additional information on OPIC programs in the New Independent States, contact: 

James Gale

Overseas Private Investment Corporation

1100 New York Ave., NW

Washington, DC 20527-0001 

Tel.: (202) 336-8629

Fax: (202) 408-5145

OPIC Website: www.opic.gov
Sources of Finance July 1999 16

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

TRADE DEVELOPMENT AGENCY (TDA)

The Trade and Development Agency (TDA) is an independent U.S. Government agency which provides

funding for U.S. companies to conduct feasibility studies on major projects in developing and middle

income countries. By providing assistance in project planning, TDA promotes economic development,

while helping the U.S. private sector get involved in projects that offer significant export opportunities.

Updated March 1999

INTRODUCTION

TDA, which has programs throughout the world, was authorized to operate in the New Independent States

(NIS) of the former Soviet Union in 1991. In the few short years since opening for business in the NIS,

TDA has funded studies on over 180 major infrastructure and industrial projects. These projects present

export opportunities of more than $5 billion for U.S. companies. Exports of U.S. goods and services related

to those projects already total about $600 million. 

Feasibility Studies

TDA provides grant funding for studies to determine the technical, economic, and financial feasibility of

major projects and to provide detailed data for making decisions on how to proceed with project

implementation. Historically, most TDA projects have been public sector undertakings, planned and

implemented by government ministries or agencies. Increasingly, however, developing countries, including

the NIS countries, have begun to promote private sector involvement in major infrastructure and industrial

projects. Consequently, TDA now provides funding for both public and private sector projects, including

joint ventures in which U.S. companies plan to take equity. 

To initiate TDA consideration of a project, a request for assistance must be made directly to TDA by the

appropriate NIS sponsoring entity (government or private sector). In cases where a specific U.S. company has

been identified by the NIS sponsoring entity as its partner on the project, that U.S. company must submit a

detailed proposal to TDA following a format which is available from TDA.

If a project appears promising, TDA hires its own consultant to review the project, through either a Desk

Study or a Definitional Mission (DM). A Desk Study is a review of the project by the consultant in the

United States, and is utilized when there is already sufficient information available so that a visit to the host

country is not necessary. This is usually the case when TDA has received a detailed proposal from a U.S.

company. A DM involves a short visit by the consultant to the host country to gather additional information

on the project and work with the sponsoring entity to develop terms of reference and a budget for the

feasibility study. 
Sources of Finance July 1999 17

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

The Desk Study or DM ascertains whether a project meets the following TDA funding criteria: the project

is a developmental priority for the host country; financing for project implementation has been identified

and is available if the study confirms project feasibility; the potential for U.S. exports during project

implementation is significant (potential U.S. exports of at least $10-15 million); and 

TDA has a facilitative role to play. Before approving funding, TDA also requires endorsement of the

project by the appropriate U.S. Embassy or Consulate. 

When TDA provides funding for a feasibility study, it signs a Grant Agreement with the NIS sponsoring

entity (the Grantee), and it is the Grantee which selects the U.S. firm to conduct the study. In many cases,

the Grantee already has identified that firm (typically the firm that has submitted the proposal to TDA). In

other cases, a competitive selection process is undertaken by the Grantee, entailing publication of a request

for proposals for the study in Commerce Business Daily. In either case, the selected U.S. contractor signs a

contract with the Grantee to conduct the study.

While the Grant Agreement is signed by TDA and the Grantee, no funds are actually transferred to the

Grantee. Instead, the U.S. contractor conducts work under its contract with the Grantee and submits its

invoices to the Grantee, who, if satisfied with the work, approves the invoices and forwards them to TDA.

TDA then pays the contractor directly in the United States. 

In almost all cases TDA requires cost-sharing, i.e., TDA only partially covers the cost of the feasibility

study, with the remainder of the cost being borne by the U.S. firm conducting the study. TDA's

contribution varies according to a number of factors, including the size of the firm, the potential follow-on

benefit to the firm as supplier to or investor in the project, the costs the firm has already incurred in

developing the project, and the risks associated with the project. In addition, in appropriate cases, TDA

may require the firm conducting the study to reimburse the TDA funding if the project is implemented and

the firm reaps a substantial economic benefit. 

CONTACTS

Daniel Stein 

Regional Director

KelleyAnn Szalkowski

Country Manager (Russia)

Melissa Eustace,Country Manager

(all other NIS countries)

Cynthia Paddock, Project Analyst

U.S. Trade and Development Agency

1621 North Kent Street, Suite 300

Arlington, Virginia 22209-2131

Tel.: (703) 875-4357

Fax: (703) 875-4009

Home page: www.tda.gov
Sources of Finance July 1999 18

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

U.S. DEPARTMENT OF AGRICULTURE (USDA)

EXPORT CREDIT PROGRAMS

The USDA Commodity Credit Corporation (CCC) administers the GSM-102 and GSM-103 export credit

guarantee programs to insure financing for sales of U.S. agricultural exports. This program allows

foreign buyers to purchase U.S. agricultural commodities from private U.S. exporters, with U.S. banks

providing financing to the importers' banks on commercial terms.

Updated March 1999

INTRODUCTION

Under the GSM-102 & 103 programs, CCC is the guarantor and does not directly finance the export of the

commodities and insures up to 98 percent of the principal and a portion of the interest. Because payment is

guaranteed, financial institutions in the United States can offer competitive credit terms to the foreign

banks, usually with interest rates based on the London Inter-Bank Offered Rate (LIBOR). Any follow-on

credit arrangements between the foreign bank and the importer are negotiated separately and are not

covered by the CCC guarantee.

GSM-102 & 103 Programs

The Export Credit Guarantee Program (GSM-102) covers credit terms up to three years. The

Intermediate Export Credit Guarantee Program (GSM-103) covers longer credit terms up to 10 years.

Target countries are those with high market development potential and reasonable expectation of

repayment. A U.S. exporter, foreign buyer or buying agency, or foreign or U.S. bank may initiate the

allocation of new country coverage under CCC's guarantee programs. Before a program is announced,

however, the creditworthiness of a country and its financial institutions are evaluated.

Most programs are operated under individual bank credit limits. These limits are established by the

Consolidated Farm Service Agency (CFSA) and establish the maximum amount of cumulative exposure or

potential risk the CCC will assume for an individual bank. In selected cases, govern-ments whose banks are

not considered creditworthy by the CFSA may participate by providing USDA with a commitment to back

obligations of individual country banks. This commitment is called a credit guarantee assurance (CGA),

and may permit exposure to exceed bank limits.

If the CCC decides political and economic risks are balanced by market development potential, it will issue
Sources of Finance July 1999 19

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

a program an-nouncement specifying the commodity, country, amount of coverage available, shipping

deadline, and other pertinent information. If an exporter is interested in obtaining a guarantee for a

commodity that is not included in a country's commodity allocation, the exporter may request that the CCC

consider extending coverage.

GSM-102 & 103 Requirements

The commodity must be 100-percent of U.S. origin. Manufactured agricultural inputs such as pesticides,

fertilizers, machinery, or vitamin supplements are not covered. The exporter must have a business office in

the United States and not be debarred or suspended from participating in CCC programs.

CONTACTS

For more information on the export credit guarantee program for the NIS, contact the nearest U.S.

Embassy, or USDA in the United States:

Grant Pettrie, Area Manager

Foreign Agricultural Service/Export Credits

U.S. Department of Agriculture

14th and Independence Ave., SW

Room 4524

Washington, DC 20250-1000

Tel.: (202) 720-5319

Fax: (202) 690-0251

Home page: www.fas.usda.gov

Specific inquiries regarding Russia can also be addressed to the Office of Agricultural Affairs in the U.S.

Embassy in Moscow, which is the official representative of the U.S. Department of Agriculture in the

Russian Federation.

Home page: www.agmoscow.post.ru/english.htm
Sources of Finance July 1999 20

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

EUROPEAN BANK FOR RECONSTRUCTION AND

DEVELOPMENT (EBRD)

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to foster the

transition towards market-oriented economies and to promote private and entrepreneurial initiative in

Central and East European countries committed to and applying the fundamental principles of

multiparty democracy, pluralism, and market economics.

Updated March 1999 (Sources: EBRD & US Commercial Service Liaison to the EBRD)

Further EBRD information is available at:

www.mac.doc.gov/bisnis/isa/isa.htm#Misa

www.mac.doc.gov/bisnis/finance/finance.htm and

www.ebrd.com

INTRODUCTION

The Bank aims to help its countries of operations to implement structural and sectoral economic reform, including

de-monopolization, decentralization and privatization, taking into account the particular needs of countries at different

stages of transition. Its activities include the promotion of private sector activity, the strengthening of financial

institutions and legal systems, and the development of infrastructure needed to support the private sector.

The EBRD encourages co-financing and foreign direct investment from the private and public sectors, helps

to mobilise domestic capital, and provides technical cooperation in relevant areas. It works in close cooperation

with international financial institutions and other international organisations. The Bank promotes

environmentally sound and sustainable development in all of its activities.

Membership and Capital

The EBRD has 60 members (58 countries, including the United States, the European Community, and the

European Investment Bank), including 26 countries of operations in Central and Eastern Europe and the

Commonwealth of Independent States (CIS).

The EBRD’s subscribed capital is ECU 20 billion, of which 30 per cent is paid in. The Bank also borrows in

various currencies on world capital markets.
Sources of Finance July 1999 21

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Financing

The EBRD operates in both the private and public sectors. It practices both merchant and development

banking, providing funding for private or privatisable enterprises and for physical and financial infrastructure

projects needed to support the private sector. The EBRD uses a broad range of financing instruments tailored

to specific projects. The kinds of finance it offers include loans, equity investments and guarantees. In all of

its operations, the Bank applies sound banking and investment principles. The terms of the EBRD's funding

are designed to enable it to cooperate both with other international financial institutions and with public and

private financial institutions through co-financing arrangements.

By September 1998, the Bank had approved 603 projects: these involved ECU 13.9 billion of the EBRD’s own

funds and were expected to mobilize an additional ECU 32.2 billion. Of the approved projects, 525 had been

signed, committing ECU 11.2 billion of the EBRD’s own funds. Eighty-four per cent of total committed

funding was for private sector projects.

Project-related technical cooperation is a major feature of the EBRD’s activities. By the end of 1997, 53

cooperation fund agreements with bilateral donors, totalling ECU 512 million, had been made with the Bank

for this purpose; 1,808 projects, with a total estimated cost of ECU 500 million, had been committed.

Operations

The EBRD's operations are carried out through its Banking Department, which is composed of teams

combining the Bank's private sector and public sector specialists. Country teams ensure consistent

implementation of the Bank's country strategies; these are backed up by the specialist expertise of sector teams

and operations support units.

WORKING WITH THE EBRD

There are three ways in which U.S. companies can work with the EBRD: (1) as borrowers and/or investors

in private-sector projects that require financing; (2) as suppliers of goods and services on Bank-financed

projects; and (3) as consultants, under the Bank's technical cooperation program and Bank-financed

projects (further information can be found at: www.mac.doc.gov/bisnis/isa/isa.htm#Misa).

Investors: Private Sector Projects

The primary targets of the EBRD's financing are private companies or state-owned enterprises undergoing

privatization and new companies, including joint ventures with international strategic investors. A key aim

is to encourage investment in the region, and the Bank works in partnership with other investors and lenders

to provide a range of financing instruments including loans, equity, and guarantees. This activity is

complemented by finance for infrastructure projects in the public sector that support initiatives in the

private sector. The Bank encourages regional cooperation, and the projects it supports may involve more

than one country

The Bank lends for specific projects and investment programs and co-finances with multilateral institutions,

commercial banks and other lenders. The terms of the EBRD's funding are designed to enable it to

cooperate both with other international financial institutions and with public and private financial

institutions through co-financing arrangements. From the U.S., the EBRD works with the Overseas Private

Investment Corporation (OPIC), the Export Import Bank (Ex-Im), and several commercial banks.

The Bank also invests in the equity capital of private and state-owned enterprises, and may facilitate access

to international capital by underwriting debt or equity securities offerings and providing guarantees,
Sources of Finance July 1999 22

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

financial advice and various other forms of technical cooperation.

Lending Requirements

The Bank is normally prepared to provide, in the form of debt or equity, up to 35 per cent of the capital for

a single project. The sponsor, in turn, is expected to provide an additional third of the project cost in the

form of equity, with the remaining financing provided by an outside lender. The terms will primarily reflect

the commercial and country risks, although the latter is mitigated by the EBRD's status as a preferred

creditor. The Bank's financing may take the form of limited recourse (to the sponsors), senior or

subordinated debt, equity or guarantees. All projects financed by the Bank must be commercially viable

and must be able to generate cash flow sufficient to service the debt.

Loans are available in local or hard currency. If hard currency funding is provided, the project must

demonstrate the ability to generate hard currency or the ability to absorb increases in local currency

financing costs should there be any devaluation during the loan period.

Mobilizing Co-financing

At present, the principal form of mobilizing external financing for private sector projects is the

participation by banks in EBRD loans. Through this technique, the commercial banks can share with the

EBRD the benefit of its status as an international institution. The EBRD, as lender of record, extends a

loan to a borrower on terms pre-arranged with, and funded by, bank lenders and the EBRD. Structurally,

the EBRD sells participation, without recourse to itself, in such loans to the banks. Through the

participation mechanism, each bank lender may benefit from the EBRD's preferred creditor status.

The EBRD works with commercial, investment and merchant banks acting as advisors to investors in its

countries of operations. The Bank also co-operates with other lenders and risk-takers such as export credit

agencies (Ex-Im) and investment insurers (OPIC), and international institutions such as development banks

and bilateral donors. The Bank's objective is to provide and develop capital sources for investments. It is

pleased to work with a financial advisor to develop appropriate capital structures that the EBRD and the

international capital markets can support.

Multi-Project Facility Program (MPFP)

The MPFP is a wholesale approach to lending that was introduced to more efficiently distribute the Bank's

resources by combining several investment projects under a single umbrella commitment. The facility is

aimed at relatively large western companies with strong balance sheets who wish to undertake a series of

projects ranging in individual size from $3 to $30 million, with total financing needs of at least $60 million.

In total, the EBRD would commit debt or equity of at least $20 million.

The MPFP includes a framework agreement between the EBRD and the project sponsor, allowing the

sponsor to develop projects on a more independent basis. A great deal of responsibility and risk is

transferred to the project sponsor. However, the MPFP gives the sponsor access to a source of co-financing

early in the project development process and reduces the amount of paperwork per project.

Financing Small & Medium-Sized Projects
Sources of Finance July 1999 23

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

In general, the Bank seeks to directly fund projects where its minimum participation is around $7 million.

Due to cost constraints, the Bank is not generally able to directly finance smaller projects. As part of its

mandate to provide financing in support of private sector initiatives, and especially to assist small and

medium-sized enterprises, the Bank has established financial intermediaries such as equity funds, credit

lines to local banks and venture capital funds, who are better positioned to consider such projects. (See

BISNIS document Alternative Sources of Financing with the EBRD: 

www.mac.doc.gov/bisnis/finance/altsoufi.htm).

Proposing a Private Sector Project

Private sector projects are generally brought to the Bank by the borrower (either a local or a foreign firm)

or the joint venture. A company with a project in mind is advised to write a thorough and complete

Business Plan, which should be submitted to the Bank as a first step in applying for Bank funds. The

proposal should include a description of the project and the main parties to the transaction, a financing plan

and a financial overview. It is important to note that responsibility for project preparation rests with the

borrower, and not the Bank, although the Bank works closely with the borrower to ensure that the proposal

meets Bank standards.

If, after reviewing the Business Plan, the Bank is interested in the project, the following process occurs:

Concept Clearance. This first step ensures that an operation fits within the policies of the Bank and is consistent

with prevailing country priorities and sector operations policies. After a project officer has developed a broad

outline of a proposed project, he or she submits a memorandum via the relevant team leader to the Deputy Vice

President and Vice President. Once approval is granted, a mandate letter is prepared and sent to the project

sponsor spelling out necessary costs and undertakings as a project is prepared.

Initial Review. An Operations Committee (OpsComm), comprised of senior Bank management, discusses the

project at an early stage to identify strategic and operation issues that may require special attention or assistance.

These key issues must be resolved prior to the project returning for final review.

Final Review. The project, now in the form of a draft final review package, returns to the OpsComm,

having received approval from relevant departments such as procurement, environment, credit, cofinancing, loan syndication, etc. At this stage the focus is on the successful resolution of any outstanding

business and credit issues, on readiness for implementation of the project, and on project consistency with

the policy and portfolio goals of the Bank.

Executive Committee Review. Prior to being presented to the Board, the project is seen by the President and

the vice-presidents, and then presented to the Board by the President.

Board Approval. The final responsibility for approving a project rests with the Board. The Board meets

twice a month, and requires at least three weeks to review a project prior to the date scheduled for

consideration.

Although timing varies for each individual project, approval for projects has been completed in as little as
Sources of Finance July 1999 24

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

four and a half months (rare) but in some cases has taken over a year. Please note, however, that the Bank

will not commit itself to any time frame for completion of the process and that these are only estimates. The

Bank is seldom the reason for a delay; it can not proceed with funding until it is completely satisfied with

the information and documentation provided by the sponsor.

CONTACTS

US Commercial Service Liaison to the EBRD

Gene Harris, Senior Commercial Officer

Tel: +44 (171) 338 7493

Fax: +44 (171) 588 4026

Email: harrisG@ebrd.com

Neil McKain, Senior Commercial Specialist

Tel: +44 (171) 588 4027

Fax: +44 (171) 588 4026

Email: McKainN@ebrd.com

European Bank for Reconstruction and

Development

One Exchange Square

London EC2A 2EH

United Kingdom

Tel.: +44 (171) 338 6000

Fax: +44 (171) 338 6100 

Telex: 8812161 EBRD L G 

Project enquiries / proposals: 

Project Enquiries 

Tel: +44 171 338 6282/6252 

Fax: +44 171 338 6102

E-mail: singh@ebrd.com

Consultants should contact: 

Consultant Contracts Unit 

Tel: +44 171 338 6219 

Fax: +44 171 338 7451

General enquiries about the EBRD:

Communications Department 

Tel: +44 171 338 7931/6372 

Fax: +44 171 338 6102

E-mail: nixb@ebrd.com

Procurement Opportunities: 

Procurement Department 

Tel: +44 (171) 338 6534 

Fax: +44 (171) 338 7472

Requests for publications: 

Publications Desk 

Tel +44 (171) 338 7553 

Fax: +44 (171) 338 6102

Email: pubsdesk@ebrd.com

Business Information Service: 

Subscription-based service providing business

information about each of the EBRD's countries
Sources of Finance July 1999 25

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

of operations. 

Business Information Center 

Tel: +44 (171) 338 6361 

Fax: +44 (171) 338 6155 

New Trade Facilitation Program for Banks in the

Former Soviet Union/Central and Eastern Europe

___________________________________________________________________________

Please note that this program is for banks in the EBRD countries of operation and not directly for

exporters. However, exporters should inform their bank of the existence of the EBRD guarantees in

favor of western Confirming Banks which can facilitate the transaction by providing a safety net in case

of a default by the local Issuing bank.

_________________________________________________________________________

March 1999

The European Bank for Reconstruction and Development (EBRD) has a range of products aimed at

facilitating intra-regional and international trade of the countries of operations. These products are offered

in two principal types:

* credit facilities in the form of EBRD guarantees for confirmation of letters of credit that are provided to

banks in the countries of operations, and

* direct financing of selected large private sector companies in the form of revolving pre-export finance

and/or working capital loans.

This information sheet outlines the new structure of the EBRD trade finance products offered to banks in

Central and Eastern Europe (CEE) and in countries of the Former Soviet Union (FSU). Advice and

information about direct pre-export financing of large private sector non-bank companies can be obtained

from the EBRD Resident Offices or Country Teams. Special assistance for US companies can be obtained

by contacting the Office of the U.S. Executive Director.

New Trade Facilitation Program for Local Banks

In January 1999, the EBRD has launched a new Extended Trade Facilitation Programme (TFP) covering

all 26 countries of operations. The new Trade Programme will consolidate all existing trade facilitation

projects for local banks established by the European Bank (Russia, Belarus, Kazakhstan, Lithuania,

Ukraine, Uzbekistan and regional Omnibus TFPs) into a single streamlined and efficient product intended

to meet the needs of the changed environment in the CEE and FSU states.

The principal operating scheme of the Trade Facilitation Programmes will remain unchanged: EBRD will,

from time to time, issue EBRD Guarantees in favour of western Confirming Banks to guarantee all or part
Sources of Finance July 1999 26

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

of the obligations of CEE and FSU issuing banks acceptable to EBRD arising under eligible trade finance

transactions. The flow charts of typical import and export transactions supported by EBRD Guarantees are

set out on the following pages.

A number of important changes have been made to the product structure to provide greater flexibility. An

outline of these changes is set out below, and is explained in more detail later in this information sheet and

in EBRD Terms and Conditions for Issue of Trade Finance Guarantees:

* EBRD will extend its cover to advance payment bonds, other forms of payment guarantees, bills of

exchange and promissory notes issued or avaled by Issuing Bank. These instruments will become eligible in

addition to letters of credit and standby letters of credit;

* the amount of the EBRD Guarantee may be extended up to 100% of the face value of the underlying

trade finance instrument. However pricing reductions are available where Confirming banks are prepared to

share a portion of the risk. In this respect it is intended to offer political risk coverage for the risk taken by

Confirming banks under an A/B loan structure;

* all trade finance lines provided to Issuing Banks will be uncommitted and can be amended or cancelled by

EBRD at any time; 

* rates of guarantee fee payable to EBRD will be variable and agreed separately for each individual trade

finance instrument guaranteed by EBRD;

* the procedure for issue of EBRD Guarantees has been revised to develop a simple and straightforward

approval process; and

* in addition to off-balance sheet credit, EBRD will provide short-term revolving loans to selected CEE and

FSU banks for pre-export finance on-lending to local companies.

Issuing and Confirming Banks

The new Trade Facilitation Programme will be open to banks registered in all countries of operations,

including banks with majority foreign ownership and subsidiaries of foreign banks. 

All foreign banks with established record of trade finance operations with banks in CEE and FSU are

eligible to join the Programme as Confirming Banks. Selected banks from the countries of operations which

have a demonstrated capability of processing confirmations of trade finance instruments may also act as

Confirming Banks. Participation of Issuing Banks and Confirming Banks will be subject to EBRD's

approval and signing of appropriate legal documentation.

Underlying Transactions and Eligible Instruments

The facility will support both intra-regional trade and international trade of the countries of operation.

EBRD Guarantees may be used to guarantee the following transactions associated with exports from, or

imports to, the countries of operations:

* confirmation by the Confirming Bank of documentary letters of credit or trade-related standby letters of

credit issued by the Issuing Bank (such letters of credit and standby letters of credit being subject to UCP

500);

* issuance of advance payment bonds and other forms of payment guarantees (other than bid, performance
Sources of Finance July 1999 27

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

and similar contract bonds) by the Confirming Bank on the basis of counter-guarantees issued by the

Issuing Bank;

* discount or similar refinancing by the Confirming Bank of trade-related promissory notes issued by the

Issuing Bank, or of trade-related promissory notes issued by a third party and guaranteed per aval by the

Issuing Bank; and

* discount or similar refinancing by the Confirming Bank of trade-related bills of exchange issued by a

third party and guaranteed by acceptance by the Issuing Bank.

EBRD will consider issuing EBRD Guarantees in support of other types of trade finance instruments

issued or guaranteed by the Issuing Bank in relation to exports from and imports to the Countries of

Operations.

 

EBRD Guarantees may be issued to guarantee exports or imports of any type of goods or commodities,

other than:

* armaments and munitions;

* tobacco and tobacco products;

* hard liquor;

* products listed in the Environmental Exclusion List (Annex 1); and

* products prohibited for import to, or exports from, the relevant countries by applicable law or

international convention.

EBRD Guarantees

An EBRD Guarantee will cover only the risk of payment by the Issuing Bank and will not assume any risk

on the exporter or the importer. The Guarantee will be issued by SWIFT or by tested telex in the form of

an irrevocable standby letter of credit in favour of the Confirming Bank payable upon its first written

demand.

The EBRD Guarantee can be issued in any freely convertible currency in the amount of up to 100% of the

nominal value of the guaranteed instrument.

Pricing

For each EBRD guarantee issued or pre-export advance made, EBRD will charge a guarantee fee or, in the

case of advances, interest, which will depend on the agreed market rate and tenor of the EBRD exposure.

Due to the uncommitted structure of trade finance limits, no commitment fee will apply.

For each transaction, guarantee fee will be negotiated with, and payable by, the bank which requested the

issuance of the EBRD Guarantee, which may be the Issuing Bank or the Confirming Bank. As a general

guideline, lower fee rates will be charged for reduced percentages of EBRD Guarantee cover to encourage

risk-sharing by Confirming Banks.

Guarantee Application Process

The issue of EBRD Guarantee may be requested either by Issuing Bank or by Confirming Bank. EBRD

Trade Finance staff will be pleased to discuss details of the guaranteed transaction, percentage of cover and

pricing before a formal guarantee request is submitted.
Sources of Finance July 1999 28

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Guarantee requests may be submitted by a tested telex or SWIFT. Where the issue has been requested by

the Confirming Bank, a confirmation from the Issuing Bank will be sought. EBRD's decision to issue its

guarantee for any particular instrument will be based on its commercial judgement, with due consideration

of risks and to the underlying transaction. EBRD will have no commitment to issue further guarantees or

make pre-export advances, but will consider doing so on a case-by-case basis.

EBRD will not be involved in processing of shipment documents, which will be handled between the

Confirming Bank and the Issuing Bank.

Pre-export Finance Advances

In addition to providing trade finance guarantees, EBRD will extend short-term revolving loans to banks in

the countries of operations. These loans will be structured to fund pre-export finance advances provided to

local companies. EBRD normally requires that export proceeds generated by companies financed through

the program are directed through an escrow account or similar arrangement.

Legal Documentation

The issuance of EBRD Guarantees will be governed by standardized Trade Finance Agreements to be

signed between Issuing Banks and EBRD. EBRD's pre-export advances will be governed by a standard

Revolving Loan Facility Agreement between client banks and EBRD. 

In line with the uncommitted structure of the Programme, signing of a Trade Finance Agreement or a

Revolving Loan Facility Agreement will not constitute a commitment on behalf of EBRD to issue its

guarantees or to provide pre-export advances. Instead, it will set forth the basis for operational and legal

relationships between the EBRD and the Issuing Bank as and when the EBRD Guarantee is issued or an

advance is made.

No Payment Agreement will need to be signed between EBRD and Confirming Banks. The Confirming

Banks will receive "EBRD Terms and Conditions for Issuance of Trade Guarantees" which will form the

basis for operation under the Programme. All accredited Confirming Banks are eligible to operate with

every Issuing Bank for which EBRD agrees to issue its Guarantee.

Large and/or Complex Transactions

As events and conditions in EBRD's countries of operations change rapidly, the trade facilitation

programme may be adjusted or new products introduced.

EBRD welcomes proposals related to trade finance transactions that—as a result of their size, complexity

or other factors—cannot be readily financed within the trade facilitation program. Details of the size,

maturity and type of financing required should be included, as well as the product and industry involved.

The preferred targets for this type of EBRD support include equipment, commodities and commodity-based

industries, raw materials, manufactured and basic consumer goods, agricultural produce, construction

materials and pharmaceuticals.
Sources of Finance July 1999 29

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

KEY CONTACTS

Stephanie Crossley

Financial Institutions

European Bank for Reconstruction

and Development

One Exchange Square 

London EC2A 2JN

United Kingdom

Tel: + 44-171-338-6524

Fax: +44-171-338-7380

Email: CrossleS@ebrd.com

The Communications Department can provide information on any other type of EBRD finance (Project

Enquiries: Tel: +44 171 338 6282; Fax: +44 171 338 6102) and can supply other EBRD publications

(Publications Desk: Tel: +44 171 338 7553; Fax: +44 171 338 6139).

Gene R. Harris

Senior Commercial Officer

Office of the U.S. Executive director

EBRD

One Exchange Square 

London EC2A 2EH

United Kingdom

Tel.: + 44-171-588-4027/28 or 338-7490

Fax: + 44-171-588-4026 or 338-6487

Email: HarrisG@ebrd.com
Sources of Finance July 1999 30

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Annex 1.

Environmental Exclusion List for Trade Finance Operations

 Significant environmental concern is associated with project development or trading of the following

activities or products. Funds of the European Bank should not be used to finance activities related to them

without prior written approval of the EBRD:

· Wildlife and wildlife products regulated under the Convention on International Trade with Endangered

Species (CITES Convention);

· Genetically modified organisms to be released into the natural environment;

· Banned pesticides and herbicides;

· Drift nets for fishing in excess of 2.5 km length and any products harvested using such nets;

· Radioactive material, including radioactive waste;

· Chlorofluorocarbons (CFCs), halons and other substances regulated under Annex A and B of the

Montreal Protocol;

· Oil-filled electrical or hydraulic equipment containing greater than 0.005% by weight of polychlorinated

biphenyls (PCBs);

· Asbestos-containing products;

· Transboundary trade in waste and waste products.

· Without limiting the generality of any of the foregoing, goods violating environmental, health or safety

laws and regulations and product standards of the country of export, import or transit (as appropriate) or

any applicable international regulations or standards.

Annex 2.

Transition Arrangements for 1999-2000

 Following the introduction of the new programme, accreditation of new CEE and FSU banks to existing

country Trade Facilitation Programmes (Russia, Belarus, Kazakhstan, Lithuania, Ukraine and Uzbekistan)

and to the regional Omnibus TFP was discontinued. Banks which had active unexpired Letter of Credit

Agreements with EBRD under any of the above Programmes have been offered to transfer to the new

Trade Facility. The following banks have elected to join the new Programme and terminate their

participation in the previous TFPs:

* Bank X,

* Bank Y

 Banks with active unexpired Letter of Credit Agreements which elected to maintain existing modus

operandi of TFPs will continue to operate in accordance the legal framework set out by their relevant Letter

of Credit Agreements and by Payment Agreements with respective Confirming Banks, until the contractual

expiry of these agreements in 1999-2000. The list of these banks and the date of expiry of the relevant

Letter of Credit Agreement is set out below:

* Bank A,

* Bank B.
Sources of Finance July 1999 31

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

EBRD RUSSIA SMALL BUSINESS FUND

Russia Small Business Fund, a program of the European Bank for Reconstruction and Development

(EBRD), provides small businesses with finance to fit their particular requirements and to help

strengthen the capacity of the Russian banking sector so that it may effectively lend to small businesses.

Updated March 1999

INTRODUCTION

Supported by the G-7 countries and additional contributors, the EBRD has established a $ 300 million fund,

half of which is being funded from EBRD resources and half from donor countries. 

The Russia Small Business Fund provides micro and small loan financing through a number of Russian banks

located throughout the country. Loans are given on a purely commercial basis. Businesses must have adequate

financial standing and cashflow, market demand for their product, and sound management in order to be

considered for financing.

Small loans are available in amounts of up to $125,000 with maturities of up to a maximum of 3 years. Such

financing has not been accessible previously for small firms from local banks. The loans are available to

companies with up to 50 employees involved in production or service industries. Potential borrowers must have

sufficient cash-flow and good management skills to obtain credit.

 They should also have their own funds to put into the project. Micro credits, of $100 to $30,000 rouble

equivalent, are generally for shorter terms to begin with; as companies build up a credit record they are allowed

subsequent longer and larger loans, for all purposes (trade, services, and investment). The firm's debt capacity

is ana-lyzed before loans are extended. Individual entrepreneurs and firms with up to 20 employees may apply

for micro-credits.

EBRD consultants, International Projekt Consult (IPC), Shorebank, and Bank of Ireland are working in

regional banks alongside credit officers to analyze loans and to increase the banks' institutional capabilities.

The program was initially implemented in three regions, Tula, Nizhny Novgorod and Tomsk, but has expanded

to include Ekaterinburg, Kemerovo, Novo-sibirsk, St. Petersburg, Samara, Togliatti, Omsk and Moscow. There

are currently 12 local banks and multiple branches which participate.

The Russia Small Business Fund has also invested in Small Enterprise Equity Funds in Nizhny Novgorod and

St Petersburg. These funds, which are managed on behalf of the Bank by Small Enterprise Assistance Funds

(US), invest a combination of equity and long-term debt in small businesses employing up to 150 people in

production or service industries. The maximum investment is $300,000. 
Sources of Finance July 1999 32

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

RUSSIA SMALL BUSINESS FUND REGIONAL CONTACTS

Yekaterinburg

Micro/Small Loans: Bernd Buschman

Tel.: +7 (3432) 561-639 or 583-766 

Kemerovo 

Micro and Small Loans: Thomas Oetter

Tel./Fax: +7 (3842) 538-566 

Moscow 

Micro Loans: Martin Holtmann, Reiner MullerHanke

Tel.: +7 (095) 209 2061 

Tel./Fax: +7 (503) 232-3821 

Small Loans: Lauren Moser 

Tel.: +7 (095) 230-3456 or 230-3173 

Tel./Fax: +7 (095) 258-7590 or 230-3097 

Stepan Boven 

Tel: +7 (095) 231-4448 

(See participating banks for additional contact

numbers.)

Nizhny Novgorod 

Micro Loans: Christoph Freytag, 

Tim Engmann

Tel.: +7 (8312) 308-753 

011 7 (8312) 334-723 

Small Loans: Marina Titova

Tel./Fax: 011 7 (8312) 333-447 

Small Enterprise Equity Fund: Eric Johnson 

Tel./Fax: 011 7 (8312) 354-345

Tel.: 011 7 (8312) 354-285

Novosibirsk 

Micro and Small Loans: Dirk Felske 

Tel.: 011 7 (3832) 257-910

Vincent Pearson

Tel.: 011 7 (3832) 110-596, or 251-973, or 201-291

Omsk

Andreas Francke

Tel.: 011 7 (3812) 310-306

St Petersburg 

Micro Loans: Matthias Fohs, Kai Ilm

Tel.: +7 (812) 275-3893

Fax: +7 (812) 272-1108

Small Loans: Neil Ramsden 

Tel./Fax: +7 (812) 209-9775 

John Whelan, Pat Murphy 

Tel.: +7 (812) 219-6693

Fax: +7 (812) 219-6680

Samara 

Micro Loans: Alexander von Gleich

Tel.: +7 (8462) 332-211

Small Loans: Irinal Fradkova 

Tel.: +7 (8462) 415-417 

Togliatti 

Micro Loans: Elke Oehme

Tel.: +7 (8469) 326-654, or 233-415 

Small Loans: Connie Max 

Tel.: +7 (8469) 338-185

Fax: +7 (8469) 480-468

Tomsk 

Micro and Small Loans: Ludmilla Dause,

Ilonka Ruhle

Tel.: +7 (3822) 232-058 or 232-781

Tula 

Micro Loans: Julia Abakayeva

Tel./Fax: +7 (0872) 364-168 

EBRD Russia Small Business Fund

Management Team:
Sources of Finance July 1999 33

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Elizabeth Wallace, Mike Taylor, Nick Tesseyman

EBRD Russia Small Business Fund 

One Exchange Square 

London EC2A 2EH 

United Kingdom 

Tel.: 011 44 (171) 338-6511 or 338-7205

Fax: 011 44 (171) 338-7163

Banks currently participating in the Russia

Small Business Fund Program

Yekaterinburg

Uralpromstroybank (micro loans)

ul. Marshal Zhukov 6

620219 Yekaterinburg

Tel.: +7 (3432) 512-188

Fax: +7 (3432) 512-438

Sberbank (micro and small loans)

Melkovskaya, 2b

620027 Yekaterinburg

Tel./Fax: +7 (3432) 586-600

Mosbusinessbank (micro loans)

Frunze St. 35a

620062 Yekaterinburg

Tel.: +7 (3432) 220-500

Kemerovo

Kuzbassotsbank (micro and small loans)

90/4, pr. Lenina

650099 Kemerovo

Tel.: +7 (3842) 315-795

Moscow

Stolichny Bank 

(micro and small loans)

Headquarters

ul. Piatnitskaya, 70

113095 Moscow

Polyanka branch

ul Polyanka, 50

Tel.: +7 (095) 236-4460, or 237-5504

Branch No. 1

GUM Department Store

Tel.: +7 (095) 923-0807

Branch No. 2

Tverskaya ul, 16/2

Tel.: +7 (095) 250-8801

Branch No. 7

Per Sivtsev Vrazhek, 20

Tel.: +7 (095) 241-7340

Branch No. 11

ul. Lazo, 2/30

Tel.: +7 (095) 306-0720

Branch No. 14

ul. Smolnaya, 22

Tel.: +7 (095)457-581

Branch No. 15

ul. Chekhova, 24/2

Tel.: +7 (095) 925-0104 or 925-0477

Branch 

ul. 1905 goda, 10a

Tel.: +7 (095) 253-3872

Branch No. 22

Boulevard Yana Rainisa, 41

Tel.: +7 (095) 913-5001

Branch No. 24

Komsomolskiy Prospekt

Tel.: +7 (095) 230-3846

Branch No. 30 (small loans only)

Prospekt Mira, 41
Sources of Finance July 1999 34

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Nizhny Novgorod

Sberbank(micro loans)

21/10 Gargarin Avenue

603022 Nizhny Novgorod

Tel.: +7 (8312) 370-871

Fax: +7 (8312) 370-871

Inkombank

ul. Varvarskaya, 32

603006 Nizhny Novgorod

Tel.: +7 (8312) 376-202 or 307-652

Fax: +7 (8312) 372-853

Nizhegorodsky Bankirsky Dom (small loans)

6 Gorkogo Square

603600 Nizhny Novgorod

Contact: Mr Andrei Morov

Tel.: +7 (8312) 343-983

Fax: +7 (8312) 343-948

Novosibirsk

Kuzbassotsbank (micro and small loans)

Pr. Lavrentyeva, 6a

630090 Novosibirsk

Contact: Evgeny Kovban

Tel.: +7 (3832) 324-989

Fax: +7 (3832) 322-350 or 322-352

St Petersburg

Bank Petrovsky (micro and small loans)

ul. Ruzovskaya, 8

198013 St. Petersburg

Contact: Semyon Sadovsky

Tel.: +7 (812) 292-5322; Fax: +7 (812) 316-4040

Mosbusinessbank (micro and small loans)

Pr. Metallistov, 115

195197 St Petersburg

Tel.: +7 (812) 540-9339

Tel./Fax: +7 (812) 311-8449

Promstroibank (small loans only)

Central Operating Branch 4

Contact: Vera Konstantinovna Kalinina

Tel.: +7 (812) 110-4901, or 110-4926

Admiraltiski Branch

Contact: Vladislav Germanovich Trofimov

Tel.: +7 (812) 311-1890, or 311-8212, or 275-0461

Krasnogvardisky Branch

Contact: Ludmila Vasilievna Efimova

Tel.: +7 (812) 528-7528, or 227-2882

Samara

Sberbank (micro and small loans)

Lenin Av. , 2a

443002 Samara

Contact: Alexei Zborovsky

Tel.: +7 (8462) 386-902

Fax: +7 (8462) 386-286

Togliatti

Rosestbank (micro and small loans)

Komsomolskaya Street, 88

445703 Togliatti

Contact: Alexander Byelousov

Tel.: +7 (8469) 483-008 or 338-185

Fax: +7 (8469) 296-6596

Sberbank (small loans)

Yubileynaya Street, 25

445027 Togliatti

Contact: Natalya Onishuk

Tel.: +7 (8469) 341-538

Fax: +7 (84690 341-481

Tomsk

Kuzbassotsbank (micro and small loans)

ul. Herzen, 18 

634029 Tomsk

Contact: Nikolai Potapov 

Tel.: +7 (3822) 233-304

Fax: +7 (3822) 232-552 or 231-186
Sources of Finance July 1999 35

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Mosbusinessbank (micro and small loans)

ul. Lazareva, 3a

634040 Tomsk

Contact: Vladimir Gonchar

Tel.: +7 (3822) 768-571

Fax: +7 (3822) 786-576

Orbita Bank (micro loans)

Belinskogo St, 15

634029 Tomsk

Tula

Orbita Bank (micro loans)

54, Komsomolskaya

300002 Tula

Tel.: +7 (0872) 775-327

Mosbusinessbank (micro and small loans)

25 Krasnoarmeisky Pr

300341 Tula 

Contact: Mr Shamayev

Tel./Fax: +7 (0872) 367-789

Sberbank (micro loans)

Mendeleevskaya Street, 1

300000 Tula

Tel.: +7 (0872) 364-515
Sources of Finance July 1999 36

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

THE WORLD BANK GROUP

The World Bank Group, a multilateral lending agency, supports development projects and sector-specific

investment programs to build capital infrastructure in developing and transitional countries. The World

Bank’s central purpose is to reduce poverty and improve living standards by promoting sustainable growth

and investments in people.

Updated March 1999

INTRODUCTION TO THE WORLD BANK GROUP 

The World Bank Group consists of five closely associated institutions (collectively known as “The World

Bank Group”): the International Bank for Reconstruction and Development (IBRD), the International

Development Association (IDA), the International Center for Settlement of Investment Disputes (ICSID),

the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).

ICSID arbitrates and mediates investment disputes pursuant to a clause providing recourse to ICSID. This

clause is often included in investment contracts which involve project funded by the World Bank Group.

IFC lending and MIGA insurance programs support private-sector activities, and are described more fully

below.

In order to better assist you, the Business Partnership Center (BPC) was launched in late 1996 to: serve

as a central contact point for business inquiries about the World Bank Group’s products and services; and

promote cooperation and strategic partnerships with leading business organizations.

The BPC provides basic information and acts as a referral service directing incoming business inquiries

(via phone, fax, e-mail, and visitors) to appropriate staff within the World Bank Group for action. 

Information brochures and resource guides on the Bank Group’s products and services are provided and

can also be accessed through the World Bank Group website: http://www.worldbank.org under “for

businesses.” The BDC also issues a newsletter which highlights the World Bank Group private sector

initiatives and has produced a CD-ROM about the World Bank Group Products and services for the

private sector.

CONTACT

Business Partnership Center

The World Bank Group

1818 H Street, N.W.

Washington, D.C. 20433

Email: Business_Partner@Worldbank.org
Sources of Finance July 1999 37

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Tel.: (202) 522-4272; Fax: (202) 522-1727

The World Bank Monthly Business Briefing

The World Bank Group offers a Monthly Business Briefing, a one day program held at the Bank headquarters

designed to familiarize private firms with the World Bank Group. Fees are $100 per attendee. The one day

program offers seminars on How to Get Business from World Bank Projects, an Overview of the International

Finance Corporation, and Overview of the Multilateral Investment Guarantee Agency, and an Overview of the

World Bank and Consulting Services.

CONTACT

Ivonna Lejuez

Monthly Business Briefing

The World Bank

Room MC 10-442

1818 H St. N.W.

Washington, D.C. 10433

Tel.: 202-473-1819; Fax: 202-522-3317

Dates in 1999

Thursday, September 9

Thursday, October 7

Thursday, November 4

Thursday, December 9

Briefings are not held in August

The US Department Of Commerce’s Commercial Liaison Office

The US Department of Commerce maintains a Commercial Liaison Office within the Office of the US

Executive Director of the World Bank. This Liaison Office, operated and staffed by the Office of

Multilateral Development Banks of the US & Foreign Commercial Service, provides counseling,

information dissemination, and assistance to U.S. firms and individuals doing business on World Bank

Group funded projects. Firms seeking the assistance of the Commercial Liaison Office should call

202-458-1954; fax 202-477-2967.

INTERNATIONAL FINANCE CORPORATION (IFC)

Investment Guidelines

In order to receive IFC funding, a project must be in the private sector; it must be technically sound; it must

have a good prospect of being profitable; and it must benefit the local economy. The project must also be

environmentally sound. To ensure the participation of other private investors, IFC funding is usually

limited to 25 percent of the total project cost. Investments in small and medium-sized projects range from

$100,000 to $1 million, and in larger projects from $1 million to $100 million.

Application Procedures 

There is no standard application form for IFC financing. A company or entrepreneur seeking to establish a

new venture or expand an existing enterprise can approach IFC directly. This can be done by requesting a

meeting or by submitting preliminary project or corporate information. After these initial contacts and a
Sources of Finance July 1999 38

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

preliminary review, IFC will request a detailed feasibility study or business plan to determine whether or

not to appraise the project. 

IFC Products and Services

IFC offers three broad and complementary services: project finance, resource mobilization, and advisory

services.

* Financial Products: IFC provides fixed-and variable-rate loans in a variety of leading currencies. These

loans typically have maturities of 8 to 12 years, with grace periods and repayment schedules determined on

a case-by-case basis in accordance with the borrower's cash flow needs. If warranted by the project, IFC

provides longer-term loans and longer grace periods.

IFC's equity investments are based on project needs and anticipated returns. The Corporation is never the

largest single shareholder and does not take an active role in company management. To meet national

ownership requirements, its share holdings can, in some cases, be treated as domestic capital or "local"

shares. IFC usually maintains its equity investments for a period of 8 to 15 years and is considered a longterm investor. IFC’s preferred objective is to sell its shares through the domestic stock market.

IFC provides a full range of quasi-equity finance, including convertible debentures, subordinated loans,

loans with warrants, and other instruments. These products are provided when necessary to ensure that a

project is soundly funded.

Other financial products offered by IFC include credit and equity lines, venture capital, and leasing. The

Corporation invests in credit lines and private equity funds to make longer-term finance available to small

and medium-sized enterprises as they seek to enhance their competitiveness in more open economies around

the world. Credit lines to developing-country banks help redress the limited availability of term financing

that constrains the ability of these banks to provide working capital and investment financing for their

corporate customers.

IFC's venture capital funds help channel investment to companies that are generally unlisted and that might

not receive the notice of large investors.

* Resource Mobilization: IFC raises additional funds from foreign commercial banks by encouraging

other institutions to make investments in its projects through the Corporation’s loan participation program.

It helps individual companies from emerging markets to tap international capital markets. IFC also raises

funds from institutional investors through underwriting arrange-ments for public offerings or the private

placement of shares, debentures, and other corporate securities.

* Advisory Services: IFC's third major area of assistance is advisory services offered independent of

project financing. Advisory services are provided for a wide range of activities, including project

assistance, privatization and restructuring, capital markets development, foreign investment, advice, and

small and medium-sized business development.
Sources of Finance July 1999 39

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

The Corporation's project assistance services include financial as well as industry-specific issues, from the

structuring and packaging of financial plans, to engineering and technical advice. This includes market,

technical, and feasibility studies; project preparation and implementation; partnership arrangements;

locating appropriate technology and sources of funding; and providing financial and operational assistance.

For further information: www.ifc.org

CONTACTS

IFC

Corporate Relations Unit (general inquiries)

2121 Pennsylvania Avenue, NW, 

Washington, DC 20043

Tel.: (202) 473-9331; Fax: (202) 974-4383

Email: information@ifc.org

Moscow Representatives

Edward Nassim, Director

Richard L. Ranken, Manager, General

Manufacturing

(Armenia, Belarus, Georgia, Russia, Ukraine)

ul. Pushechnaya, 2

103012 Moscow, Russia

Tel.: +7 (095) 883-7056, or 755-8818, or 

+7 (095) 913-7054

Fax: +7 (501) 775-8296, or 755-8298, or 

+7 (095) 913-7053

Washington Representatives

Central and Southern Europe Department

Harold Rosen, Director

(Azerbaijan, Moldova)

Tel.: (202) 473-8841

Fax: (202) 974-4314

Central Asia, Middle East and North Africa

Department

Mohsen Khalil, Director

(Kazakhstan, Kyrgyz Republic, Tajikistan,

Turkmenistan and Uzbekistan and others)

Tel.: (202) 473-6786; Fax: (202) 974-4396
Sources of Finance July 1999 40

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

THE MULTILATERAL INVESTMENT GUARANTEE AGENCY (MIGA)

MIGA Investment Guarantee Services

MIGA provides investment guarantees (i.e., political risk insurance) against certain non-commercial risks

to foreign investors in developing member countries. The program is designed to complement national and

private investment insurance services.

MIGA underwrites both directly and in cooperation with other political risk insurers through coinsurance

and reinsurance arrangements to provide investors more comprehensive investment insurance coverage

worldwide. In 1995 it also introduced a brokerage program, encouraging investment brokers to cooperate

with MIGA. 

MIGA offers long-term, low-maintenance political risk insurance coverage to eligible investors for

qualified investments in developing member countries. MIGA insures against currency transfer,

expropriation, breach of contract and war and civil disturbance.

MIGA investment guarantees are long-term: The standard coverage term is 15 years (non-cancellable by

MIGA), which may be extended to 20 years under certain circumstances. MIGA can insure new crossborder investments originating in any MIGA member country, destined for any developing member

country. New investment contributions associated with the expansion, modernization, or financial

restructuring of existing projects are also eligible, as are acquisitions that involve privatization of stateowned enterprises. Investment projects supported by MIGA must be financially, economically, and

environmentally sound, and contribute to the development of the host country. 

For further information, visit www.miga.org

CONTACT

Mr. Christophe S. Bellinger

Chief Guarantee Officer

Multilateral Investment Guarantee Agency

1818 H Street, N.W.

Washington, D.C. 20433

Tel.: (202) 473-6163

Fax: (202) 522-2630

Email: Cbellinger@worldbank.org
Sources of Finance July 1999 41

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

FUNDS BACKED BY U.S. GOVERNMENT &

MULTILATERAL INSTITUTIONS

Updated July 1999

AIG-Brunswick Millenium Fund

region: NIS

managers: American International Group,

Inc. and Brunswick Capital

Management, Ltd.

capitalization: OPIC guarantee: $289 million,

committed.

investment 

objective: The Fund’s objective is to achieve

substantial long-term capital

appreciation through the purchase,

active participation i n

management, and disposition of a

portfolio of direct equity

investments in the NIS countries.

The Fund will make direct

investments in equity and equityrelated securities of enterprises

directly or indirectly operating in

the NIS.

industries: Natural resources, infrastructure,

and consumer products.

contact: Robert Howe

Managing Director

AIG Capital Partners

70 Pine Street

New York, NY 10270

Tel.:(212) 458-2208

Fax:(212) 458-2156

Agribusiness Partners International

region: All CIS Countries.

manager: Agribusiness Management

Company, L.L.C.

capitalization: OPIC guarantee: $100 million.

The

fundraising was completed in

 January 1997. 

funds invested: Eight investments have been

completed and are in final stages

of closing. The Fund has

committed 81% percent of its total

capital to these eight investments.

Investments made thus far are in

dairy, poultry, beverage bottling,

water bottling, packing and

labeling industries. 

investment 

objective: Equity and debt. Interested in

start-ups and joint ventures.

Approximately $5-$15 million.

industries: Agriculture, broadly defined.

Includes food firms, infrastructure

projects, privatization, food

storage and distribution facilities.

contact: Robert Peyton

 Agribusiness Management, L.L.C.

 1004 Farnam Street, Ste. 400

 Omaha, NE 68102

 Tel.: (402) 444-1630

 Fax: (402) 930-3040

Agribusiness Management Co.

36, Str. 1, Bolshya Molchanovka

Office 104

Moscow 121069

Russia

Attn: Mr. Andre Tikhomirov

Tel: +7 501 792 3450

Fax: +7 501 792 3451
Sources of Finance July 1999 42

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Alliance Scaneast Fund

region: Baltics, Poland, Hungary, the Czech

republic, Slovakia and Russia

manager: CapMan Capital Management and

Alliance Capital

capitalization: $40 million

investment

objective: Activities range from corporate

acquisitions to privatization and

investment projects to green-field

investments. The Fund does not

follow a strict sector policy but has a

preference toward manufacturing

industries. As an essential element

of the Fund’s investment policy is

that a Western Industrial Partner

invests an equal amount or more

than the Fund in any given

transaction

industries: Telecommunications; cables;

construction materials; pulp and

paper equipment; power generation;

environmental technology;

petrochemicals and plastics; oil and

gas.

contact: Mr. Petri Saavalainen, 

Investment Director, and

Mr. Peter Hellemaa,

Investment Director

Capman Capital Management Oy

Aleksanterinkatu 15 B

00100 Helsinki, Finland

Tel.: +358 (9) 6155 8314

Homepage: www.capman.fi

Allied Capital

region: OPIC-designated countries.

manager: Allied Capital Advisers, Inc.

capitalization: OPIC loan: $10.5 million.

funds invested: $10.5 million.

investment

objective: Mezzanine financing for

international expansio n

opportunities.

industries: Basic manufacturing, telecommunications, retail, and service

industries.

additional notes: Fully invested.

contacts: Cabell Williams, 

Managing Director 

Allied Capital Corporation

1919 Pennsylvania Ave. N.W.,

 3rd Floor

Washington, D.C. 20006

Tel.: (202) 331-1112

Fax: (202) 659-2053

Email:

Williamc@alliedcapital.com

Rabo Black Earth Regional Venture Fund (RVF)

region: Belgorod, Kursk, Lipetzk,

Tambov, and Voronezh.

manager: Rabo Black Earth BV for EBRD.

capitalization: EBRD: $30 million. $20 million of

technical assistance funds are also to

be provided by the European Union's

TACIS program.

investment

objective: Investments of $210,000 (ECU

240,000) to $2.1 million (ECU 2.4

million) will be considered in

targeted privatized companies with

between 200 and 5,000 employees.

Like other EBRD Regional Venture

Funds, the Black Earth RVF will

normally take a significant minority

stake but in some cases will consider

a majority position. Investment

capital is to be used to finance new

projects, including associated

working capital.

industries: No hard liquor, tobacco or firearms.

additional

notes: The Fund will provide some

technical assistance alongside

investment. Investees must have a

western partner.

contact: Michel Hendriks

EWIC Larive

PO Box 870

NL 3700 AW Zeist,

Netherlands

Tel.: +31 (30) 693-3221
Sources of Finance July 1999 43

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Fax: +31 (30) 693-2908

Michel Hendriks

Rabo Black Earth Regional

Venture Fund

Stepana Razina Str. 38

394000 Voronezh

Tel.: +7 (0732) 713-180, 

719-441, 713-291, 573-886

Fax: (7 0732) 712-303

Email: mhendricks@solcon.ul

Kari Haataja

EBRD 

One Exchange Square 

London EC2A 2EH, UK 

Tel.: 011 44 (171) 338-7817 

 Fax: 011 44 (171) 338-7029

 Email: haatajak@ebrd.com 

CARESBAC-St. Petersburg/Small

Enterprise Equity Fund (SEEF)

region: Russia (St. Petersburg area).

manager: Small Enterprise Assistance Funds

(SEAF)

capitalization: $12.3 million, of which $10 million

is from the EBRD.

funds

invested: $3,000,000 in 16 completed

investments.

investment

objective: Equity (minority position), and

long-term debt. SEEF funds operate

on commerciallysustainable principles, investing

primarily through equity in amounts

from $200,000-700,000. Small to

medium-sized businesses of between

5 and 150 employees with majority

Russian ownership and an annual

revenues of $500,000 (or ruble

equivalent) are preferred.

industries: Food processing and distribution, light

manufacturing for export, wholesale and

retail distribution, housing, business

service providers, and businesses helpful

to the environment.

additional

notes: Technical support to investees will

be provided through organizations

such as the Citizens' Democracy

Corps, the International Executive

Service Corps, and the Volunteers in

Overseas Cooperative Assistance. 

contact: Jonathan Carr,

General Director

Small Entreprise Equity Fund

Lermontovsky prospekt 7,

2nd Floor

190008 St. Petersburg, Russia

Tel.: +7 (812) 114-2632

Fax: +7 (812) 325-6337

Thomas C. Gibson, President

Small Enterprise

Assistance Funds

400 17th St., N.W.

Washington, D.C. 20038

Tel.: (202) 737-8463

Fax: (202) 737-5536

CEENIS Property Fund, L.P.

region: NIS, Eastern, and Central Europe.

manager: Pioneer Real Estate Advisors

capitalization: OPIC guarantee: $160 million;

sponsor equity: $80 million; total:

$240 million.

funds

invested: Beginning first round of investment.

investment

objective: To assemble a portfolio of quality

property assets, through purchase

and development, throughout

Central and Eastern Europe, Russia,

and the new republics of the former

Soviet Union. Fund transactions will

include com-binations of loans and

equity investments, depending on

project and market conditions. The

Fund will acquire property interests

either directly or through joint

venture.

industries: Commercial, light manufacturing,

office, retail, distribution,

warehousing, and related residential

development projects.
Sources of Finance July 1999 44

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

contact: Mr. Amos Rogers, III

Pioneer Real Estate Advisors

60 State Street-18th Floor

Boston, MA 02109

USA

Tel: (617) 422-4913

The Central Asian-American Enterprise Fund

region: Kazakhstan, Kyrgyzstan, Tajikistan,

Turkmenistan and Uzbekistan.

manager: Central Asian-American Enterprise

Fund, Inc.

capitalization: U.S. Government: $150 million

authorized. Additional funds sought

from the private sector for

co-investment. 

funds invested: As of May 30, 1999, there were

almost $65 million of approved

investments, including $15 million

that has been provided as financing

to privately owned small and

medium-sized businesses n all five

countries.

investment

objective: Equity and debt financing to small

and medium-sized enterprises that

are commercially viable and offer a

reasonable prospect for an

acceptable rate of return on

investment. Investments must be

accompanied by a local investment

component. Joint ventures with

financial participation are

encouraged, with preference given

to U.S. partners, although others

from Europe and Asia are also

accepted. Typical investments will

range from $300,000 up to $5

million. 

small loan

program: CAAEF makes small business loans

that range from $100,000 to

$500,000. In Kazakhstan and

Kyrgyzstan the Fund also supports a

micro loan program that is operated

by Mercy Corps International. Loan

amounts under the micro program

range from $1,000 to $25,000.

industries: Infrastructure development such as

food processing, distribution and

transportation, as well as consumer

goods and services.

additional

notes: Technical assistance will be

provided with investment.

contacts: CAAEF President Donald R.

Nicholson II and ACLC President

Robert Dunmyer both reside in

Tashkent, Uzbekistan.

United States: Brian K. Mercer,

Chief Financial Officer

Central Asian-American

Enterprise Fund

1634 Eye Street, N.W., Suite 200

Washington, D.C., 20006

Tel.: (202) 737-7000

Fax: (202) 737-7077

Email: us@caaef.com

Web page: www.caaef.com

Kazakhstan: John B. Owens

Chief Investment Officer

Senior Vice President and Head of

Office,

Central Asian American Enterprise

Fund

Veronica John, Vice-President

David Lloyd, Vice-President

Daniel Worrell, Vice-President

531 Seyfullin Street, 2nd Floor

480091 Almaty, Kazakhstan

Tel.: +7 (3272) 638-815

Fax: +7 (3272) 694-589

Email: caeefkaz@sovam.com

Kyrgyzstan: Tom Jacobs,

Vice President & Head of Office

CAAEF

South Gate Business Center

P.O. Box 1137

720021 Bishkek, Kyrgyzstan

Tel.: +996 (312) 512-318

Fax: +996 (312) 512-325

Email: invest@imfiko.bishkek.su

Tajikistan: Daniel R. Dougherty,

Vice President

CAAEF

35 Kirova Street
Sources of Finance July 1999 45

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

734000 Dushanbe, Tajikistan

Tel.: +7 (3772) 51-00-88

Email: caaef@tajnet.com

Lenin 1, 4th Floor

Khujand, Tajikistan 735700

Tel.: +7 (3792) 243-532

Fax: +7 (3792) 260-073

Turkmenistan: Paul Hamlin

Vice President &

Head of Office

CAAEF

2 Pushkin Street

744000 Ashgabat,

Turkmenistan

Tel.: +9 (9312) 357-445

Fax: +9 (9312) 390-152

Email: caaef@online.tm

Uzbekistan: Steven Shea

Senior Credit Officer

Senior Vice President and

Head of Office

Central Asian-American

Enterprise Fund

39-41 Zarkainar Street

700011 Tashkent, Uzbekistan

Tel.:+7 (711) 206-134, 206-360

Fax: +7 (711) 206-138, 206-359

E-mail: caaeftas@sovam.com

Central Russia Regional Venture Fund (RVF)

region: Russia: Ivanovo, Nizhny Novgorod,

Southwest Kostroma, Yaroslavl,

Vladimir.

manager: Deutsche Handelsbank, AG, for the

EBRD.

capitalization: EBRD: $30 million.

investment

objective: Minimum investment of $300,000,

maximum investment of $3 million.

Capital provided by the fund must

be used to finance a new project

including associated working

capital. The principal criterion will

be whether the expected return on

investment is commensurate with

the risks. Eligible projects are

expected to involve the

rationalization, modernization or

expansion of productive capacity. At

least 75 percent of the voting shares

of the enterprise concerned must be

owned by private shareholders prior

to the Fund’s investment.

industries: No hard liquor, tobacco, firearms,

gambling, financial services,

speculative activities including real

estate speculation, or activities that

are on the EBRD Environmental

Exclusion List.

contact Kendrick White

Central Russia Regional Venture

Fund

Ulitsa Osharskaya, 52

603006 Nizhny Novgorod

Tel: +7 (8312) 77-32-55

Fax: +7 (8312) 77-32-55

E-mail: k.white@quadrigacapital.ru

Leonid Moshejko

Central Russia Regional Venture

Fund

Ulitsa Deputatskaya, 1

150000 Yaroslavl

Tel: +7 (0852) 32-87-89

Fax: +7 (0852) 32-91-83

Email:l.mozheiko@quadrigacapita

l.ru

Daiwa Far East and Eastern Siberia

Investment Fund

region: Russian Far East and Eastern

Siberia.

manager: Daiwa Securities, Itochu

Corporation, Nippon Investment and

Finance, Ltd., Daiwa Institute of

Research, Ltd., CRC Institute.

capitalization: Total capitalization of $53 million.

EBRD: $30 million (investment

funds); Japan Ministry of Foreign

Affairs Technical Cooperation

Fund: $20 million (technical

cooperation funds); Nippon

Investment and Finance Fund for

Equity Investment: $3 million
Sources of Finance July 1999 46

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

(investment funds).

investment

objective: The objectives of the Fund are

twofold: (1) to secure a return on

investment capital commensurate

with risks; and (2) to cooperate with

and assist private and privatized

enterprises (through equity

investments and consulting) in their

effort to modernize and re-structure

themselves. Target companies must

be in sound financial condition and

have good prospects in their core

business. Privatized or private

companies which are located in the

geograph-ical regions covered by the

Fund, and which have no more than

5,000 employees will be eligible for

investment. At least 75 percent of

the Fund will be invested in

companies located in the Russian

Far East. Not more than 25 percent

will be invested in Eastern Siberia.

Investments will range from

$330,000 to $3.3 million.

industries: Enterprises in infrastructure

development such as food

processing, distribution and

transportation, as well as consumer

goods and services. No hard liquor,

tobacco or firearms.

additional

notes: Technical assistance will be

provided alongside investment.

Investees must have a western

partner.

contact: Pavol Katancik

Daiwa Far East & Eastern

Siberia Investment Fund

c/o Japan Centre 

ul. Moskovskaya 7 

680000 Khabarovsk, Russia

Tel.: +7 (4212) 227-243 

Fax: +7 (4212) 336-287 

Email: pavol@daiwa.khv.ru

Mitsuhiro Ichiyanagi

Daiwa Far East and Eastern

Siberia Fund

c/o Japan Center

37 Okeansky Prospekt, 3rd Floor

690091 Vladivostok

Tel.: +7 (4232) 425-601,

425-623, or (509) 851-2530 

Fax: +7 (4232) 425-700, or

+7 (509) 851-2540 

Email: daiwavia@online.ru 

Masaomi Mogi

Daiwa Institute of Research Ltd.

15-6 Fuyuki Koto-Ku

Tokyo 135

Japan

Tel: +81 3 5620 5407

Fax: +81 3 5620 5610

Email: m.mogi@dir.co.jp

Defense Enterprise Fund

region: Russia, Ukraine, Kazakhstan, and

Belarus.

manager: The Defense Enterprise Fund, Inc.

capitalization: U.S. Department of Defense: $70

million.

funds invested: $70 million committed

investment

objective: Equity and debt. The Fund will make

investments only in joint ventures

involving privatized enterprises or

enterprises that commit in writing to

privatization. An enterprise will be

considered privatized when more than

50 percent of the ownership and

control is in the private sector. At least

one of the partners in any joint venture

should be from a country outside the

NIS, with preference given to joint

ventures with U.S. involvement.

Investments will be diversified among

smaller enterprises or spinoff

enterprises derived from larger defense

enterprises, large enterprises that have

converted or are in the process of

converting, and start-ups formed by

former defense or military personnel.

Investments range from $1 to $5

million.
Sources of Finance July 1999 47

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

industries: Enterprises that include personnel

and/or facilities currently or

formerly involved in research,

development, production, or

operation and support of the defense

sector. Particular emphasis is given

to facilities which helped to produce

weapons of mass destruction, as well

as firms associated with the

production of command, control,

and communications equipment for

military forces associated with these

weapons.

contact: Rick Sample, CEO

John Nowell, President

816 Connecticut Ave NW

Suite 900

Washington, DC 20006

Tel.: (804) 673-6230

Fax: (804) 281-0708

E-mail: barbara_scott@def.org

Home Page: www.gpventures.com/

East European Food Fund

region: Central/Eastern Europe & N.I.S.

Countries.

manager: Jupiter Asset Management

(Bermuda) Limited.

capitalization: U.S.$ 76 million, including EBRD

equity participation.

investment

objective: This fund undertakes equity and

equity-related investments in the

food and beverage industry.

Investments range from $3 million

to $7 million.

contact: William Creuwdson, Director

Jupiter Asset Management, Ltd.

Knightsbridge House,

197 Knightsbridge

London SW7 1RB, UK

Tel.: +44 (171) 412-0703

Fax: +44 (171) 581-3857

Email: laurie@jupiter-group.co.uk

First NIS Regional Fund

region: NIS (60 percent Russia),

Baltics.

manager: Baring International Investment

Management Limited ,

Sovlink-American Corporation,

Investment Advisor.

capitalization: $145 million, of which $40 million

has an OPIC guarantee; EBRD: $20

million; IFC: $15 million.

investment

objective: Equity and direct investments. The

purpose of the fund is to achieve

long-term capital growth through

investment in a portfolio of

companies doing business in one or

more of the 15 countries of the

former Soviet Union. The Fund

makes both direct investments in

unlisted companies and passive

investments in “over- the-counter”

and listed stocks. The Fund seeks

out companies which are leaders in

their respective industries, with

progressive and capable management, current and future earnings

and cashflow, and compelling

valuations on both an asset and

earnings basis. Investments

generally range in size from $3

million to $10 million.

industries: Diverse.

contact: Peter Willis

Baring International Investment

Management Limited

155 Bishopsgate

London EC2M 3XY, UK

Tel.: +44 (171) 214-1878

Fax: +44 (171) 214-1635

Terrence J. English

Sovlink Corporation

1221 Avenue of the Americas

New York, NY 10020

Tel.: (212) 730-4868

Fax: (212) 730-2871

Michael Calvey,

Managing Director

Sovlink Corporation

10, Uspenski per.
Sources of Finance July 1999 48

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

103006 Moscow, Russia

Tel.: +7 (095) 967-1300

Fax: +7 (095) 967-1308

Andrei Terekhov

Sovlink Corporation

ul. bol. Zhitomirskaya 6A, Apt. 3

252025 Kiev, Ukraine

Tel.: +380 (44) 229-5533

Fax: +380 (44) 229-5533

Framlington Russian Investment Fund

region: Russian Federation

manager: Framlington Investmen t

Management Limited.

capitalization: $65 million. EBRD: $16.6 million;

IFC: $8 million.

funds invested: Fully invested

investment

objective: The Fund invests in export-oriented

industries as well as domestic

sectors with rapid growth potential.

Typical investment ranges from

$500,000 to $2.5 million. The Fund

will not subscribe to more than 20

percent of the capital of any investee

company.

additional notes: No hard liquor, tobacco, or firearms.

contact: Gary C. Fitzgerald,

Managing Director

Framlington Emerging Markets

155 Bishopsgate

London EC2M 3XJ, UK

Tel.: +44 (171) 330-6621

Fax: +44 (171) 330-6432

garyfitzgerald@framlington.co.uk

Tom Vallance

General Director

Framlington Investmen t

Management

Tel: +7 (095) 937-5933

Fax:+7 (095) 937-5934

Global Environment Emerging Markets

Fund (GEEMF) I and II

region: NIS as well as emerging markets in

Asia, Latin America, Europe, the

Middle East, and Africa.

managers: Global Environment Fund

Management Corp.

capitalization: GEEMF I--$70 million; GEEMF

II--$120 million. OPIC guarantee:

$80 million.

funds invested: Approximately $70 million.

investment

objective: Equity or equity-related investments.

The Fund seeks significant minority

positions in operating companies or

projects with demonstrated cash

flows, significant long-term revenue

growth potential, and high

anticipated margins of profits from

operations. Projected rates of return

to the investor should substantially

exceed the current risk-free return

available in individual markets, with

additional consideration for risks

related to the volatility and

convertibility of currency and the

degree of liquidity for the investor.

Investments of up to $10 million

from GEEMF I, and up to $20

million from GEEMF II.

industries: Environment-oriented industries,

especially those engaged in

developing, financing, operating or

supplying infrastructure projects

related to the delivery of clean

energy (natural gas and renewable

sources), potable water, and

wastewater treatment.

additional notes: Portfolio companies can arrange for

OPIC investment insurance against

certain political risks and debt

financing for projects that involve

significant U.S. ownership.

contact: H. Jeffery Leonard

Global Environment Fund

1201 New York Ave., NW, #220

Washington, DC 20005

Tel.: (202) 789-4500

Fax: (202) 789-4508

Lower Volga Regional Venture Fund (RVF)

region: Russia: Volgograd, Samara, and
Sources of Finance July 1999 49

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Saratov Oblasts.

manager: Volga River Management, Inc. (a

partnership of Hancock Venture

Capital and Point Venture Partners),

for the EBRD.

capitalization: EBRD: $30 million. U.S.AID: $10

million to fund feasibility reports,

financial audits, and environmental

studies, and to provide for skills and

“know how” transfer. $3 million

co-investment by the partnership.

funds invested: Investments have been made in a

wall-paper manufacturer, a bakery,

a wood-processing facility, and a

brewery.

investment

objective: To make investments with a high

potential to produce superior

investment returns. Target

investments will possess a highly

competent management team

willing to meet recognized

international standards for financial

re-porting and management

performance, and will display a

willingness to sell the Fund a

significant minority interest,

including special board representation. Preferred mini-mum

initial investment of $300,000;

preferred maximum initial

investment of $3 million.

contact: Joel Montgomery

Volga River Management Inc.

Ulitsa Alabayana, 10/1

Kor. 6

125080 Moscow

Tel: +7 (095) 198 4340/4341

Fax: +7 (095) 198 5702

Kent Engelmeier

HP Russia, L.P.

3260 USX Tower

600 Grant Street

Pittsburg, PA 15219

USA

Tel: +1 412 263 5310

Fax: +1 412 263 5313

Email:

102132.3500@compuserve.com

New Century Capital Partners

region: Armenia, Belarus, Estonia, Georgia,

Kazakhstan, Latvia, Lithuania,

Moldova, Russia, Ukraine.

managers: NCH Inc.

capitalization: OPIC -$250 million.

funds invested: $210 million (December 1997).

investment

objective: Equity investments in diversified

manufacturing, financial, and

service industries. New Century

Capital Partners seeks substantial

majority or minority positions in

infrastructure or natura l

resource-based businesses. This fund

does not invest in start-up

companies.

industries: Diversified.

additional notes: New Century Capital Partners has

offices in Moscow, St. Petersburg,

Almaty, and Kiev, but initial

inquiries should be made to the New

York office.

contact: Gil Schorr

NCH Capital Inc.

712 Fifth Avenue, 46th Floor

New York, NY 10019-4108

Tel.: (212) 641-3275

Fax: (212) 641-3201

Email: gil@nchcapital.com

Capital International Global Emerging Markets

Private Equity Fund (CIGEMPEF)

region: global emerging markets.

manager: Capital International.

capitalization: $600 million.

investment

objective: The fund invests in projects valued

between $10-100 million.

CIGEMPEF will take 10-40% of

projects

additional notes: No other funds/no real estate

contact: Ashley Dunster or
Sources of Finance July 1999 50

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Stewart Gibson

Capital Research International

25 Bedford Street

London WC2E 9HN, UK

Tel.: +44 (171) 257-6700

Fax: +44 (171) 257-6767

Email: jjc@capgroup.com

James Ho (Asia) 

Tel: +852 2842 1007

Leonard Kim (Asia) 

Tel: +65 437 0694

William Bannister-Parker (Europe)

Tel: +44 171 864 5748

Ashley Dunster (Europe) 

Tel: +44 171 864 5993

Quadriga St. Petersburg and Leningrad

Region Venture Fund (RVF)

region: Russia: the city of St. Peters-burg

and Leningrad oblast.

manager: Quadriga Capital Russia GmbH & Co.

KG

capitalization: EBRD: $30 million. Federal Republic

of Germany: $20 million, for

consulting services to enterprises in

which the St. Petersburg RVF invests.

funds invested: $28 million as of November 27, 1996.

investment

objective: Equity investments in medium-size

private sector enterprises with no

more than 25 percent state ownership

and up to 5,000 employees.

Investment targets should have a

strong position in the domestic

market, and will not necessarily have

a foreign partner or hard currency

earnings. Preferred minimum

investment is $300,000, preferred

maximum investment is $3 million.

Capital provided by the St. Petersburg

RVF will finance the acquisition of

productive assets, including

associated working capital. Primary

investment criterion: that the

expected return on investment is

commensurate with the risks.

additional notes: The Fund may also provide some

technical assistance along with

investment.

industries: No hard liquor, tobacco, military

industry, gambling, speculative

activities including real estate

speculation, or immoral or illegal

activities.

contact: Reinhard Kohleich

Managing Director

Quadriga Capital Russia GmbH &

Co. KG

Representative Office, St. Petersburg

Nevski Prospekt 30

Office # 3.3

199034 St. Petersburg, Russia

Tel: +7 (812) 325-8474

Fax: +7 (812) 325-8477

Russia Partners Fund

region: Russia/NIS.

manager: Russia Partners Management,

L.L.C. (a subsidiary of Siguler Guff

& Company, L.L.C.).

capitalization: Originally closed at $130 million in
Sources of Finance July 1999 51

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

1994. Now open for a second

subscription for up to $155 million.

Partially guaranteed by OPIC.

Russian government: $5 million, and

has given a $20 million "back-door"

guarantee.

investment

objective: Equity and quasi-equity securities of

both new and expanding enterprises

in Russia, including newly privatized.

No more than 15 percent of the

Fund’s assets will be invested in any

one portfolio company, nor more than

25 percent in any one business sector

or venture. Companies with Western

strategic partners are considered

desirable. The average in-vestment

size is $2 million to $10 million.

industries: Telecommunications, manufacturing,

natural resource processing,

pharmaceuticals, and consumer

goods. No investments that will cause

environmental damage in Russia, or

that will have a negative impact on

the U.S. economy.

additional notes: Whenever possible, the Fund will

attempt to use its investment to

leverage loans from other sources,

such as EBRD or the IFC. 

contact: Orhan Sadik-Khan,

Managing Director

Russian Partners Management, 

L.L.C.

c/o Siguler, Guff & Company

Rockefeller Center

630 Fifth Avenue, 16th Floor

New York, NY 10011-0100

Tel.: (212) 332-5110

Fax: (212) 332-5120

Boris Karlov

Managing Director

Max Scherbakov

Managing Director

Russia Partners Management

ul. Myasnitskaya 35,

Room 424, 4th Floor

101959 Moscow, Russia

Tel.: +7 (095) 207-6020

Fax: +7 (095) 207-9140 

Russian Technology Fund

region: St. Petersburg and the Leningrad

oblast, initially. Later, all of Russia.

management: Top Technology.

capitalization: $5 million

investment

objective: The fund will make equity

investments in small-sized

technology-related ventures. The

fund will typically consider

investments between $250,000 and

$1 million.

contact: Harry Fitzgibbons

Russia Technology Fund

Top Technology

20-21 Tooks Court

Cursitor Street

London EC4A 1LB, UK

Tel.: 011 44 (171) 242-9900

Fax: 011 44 (171) 405-2863

Sector Capital

region: Russia, especially the Russian Far

East.

management: Sector Capital.

capitalization: EBRD equity participation.

investment

objective: This fund is interested in coinvestment or project finance.

Where appropriate, Sector Capital

will deploy its corporate finance and

securities capabilities to assist

directly in restructuring and

refinancing portfolio companies.

Investments will range from

$500,000 to $2 million.

industries: Logistics, transportation,

infrastructure.

contact: Alexandre Goodwin,

Chief Executive Officer

Sector Capital

Novy Arbat 34, Dom 2

121099 Moscow, Russia
Sources of Finance July 1999 52

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Tel.: +7 (095) 290-8656

Fax: +7 (095) 205-7077

Small Enterprise Equity Fund

region: Russia (Nizhny Novgorod area).

manager: Small Enterprise Assistance Funds

(SEAF), formerly the CARE Small

Business Assistance Corporation.

capitalization: EBRD: $5 million.

funds invested: Seventeen investments worth a total

of $2,348,031.

investment

objective: Equity (minority position), and

long-term debt, but only to borrowers

in which the Fund is an equity

partner. Small to medium-sized

businesses of between 5 and 150

employees with majority Russian

ownership and an annual turnover of

between $100,000 and $1 million (or

ruble equivalent) are preferred. SEAF

funds operate on commercially

-sustainable principles, investing

primarily through equity in amounts

from $50,000 to $300,000, with an

average size of $150,000. For the

most part, the Fund does not invest in

trading companies or start-ups, unless

the Russian owner(s) are committed

to investing significant time and

personal resources in manufacturing

or services activities which benefit

Nizhny Novgorod and the

surrounding area.

industries: Businesses engaged in the production

of goods and services beneficial to the

local economy, and majority owned

and operated by Russians with an

established reputation for integrity,

competence, and a commitment to

succeeding in a free market.

additional notes: Technical support to investees will be

provided through organizations such

as the Citizens' Democracy Corps, the

International Executive Service Corps

and the Volunteers in Overseas

Cooperative Assistance. No hard

liquor, tobacco or firearms.

contact: Brian Shriver

150 Gorky Str.

Office # 700

PO Box 585

603000 Nizhny Novgorod

Russia

Tel.: +7 (8312) 354-285, 354-400

Fax: +7 (8312) 354-345

Thomas C. Gibson, President

Small Enterprise

Assistance Funds

1150 Connecticut Ave., N.W.

Suite 715

Washington, D.C. 20036

Tel.: (202) 737-8463

Fax: (202) 737-5536

Smolensk Regional Venture Fund (RVF)

region: Smolensk oblast, Russia.

manager: Siparex.

capitalization: EBRD: $12 million.

investment

objective: Equity of up to 49 percent of capital.

An EBRD Regional Investment

Fund, the Smolensk RVF will

concentrate on facilitating

modernization, expansion, and/or

restructuring of privatized

companies. Investments range from

$300,000 to $1.2 million. Capital

provided by the Smolensk RVF must

be applied to finance a new project,

including working capital. The

beneficiaries need not have a

western partner. The principal

criterion for evaluating prospective

investments is whether or not the

return on a proposed investment

project is commensurate with the

risk.

industries: Excluded: hard liquor, tobacco,

firearms, real estate, gambling or

banking activities.

additional notes: The Fund will provide some

technical assistance alongside

investment. Investees must have a
Sources of Finance July 1999 53

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

western partner.

contact: Philippe Lambert

Sigefi

139 rue Vendome

69477 Lyon Cedex 06

France

Tel.: +33 4 72 83 23 23

Fax: + 33 4 72 83 23 00

Mr. Henri Oliva,

Project Manager

SIGEFI

ul. Vorobiova 17

214015 Smolensk, Russia

Tel.: +7 (081) 223-4789

Fax: +7 (095) 943 5524

Southern Russia Regional Venture Fund (RVF)

region: Russia: Rostov oblast, Stavropol and

Krasnodar krais.

manager: Credit Agricole Consultants and

Siparex Ingenierie et Finance, for

EBRD.

capitalization: EBRD: $30 million. Republic of

France: $20 million for technical

assistance.

investment

objective: Equity of up to 49 percent of capital.

An EBRD Regional Investment Fund,

the Southern Russia RVF will target

investments that lead t o

modernization, expansion, and/ or

restructuring of private or privatized

companies. Investments range from

$300,000 to $3 million. Capital

provided by the Southern Russia RVF

must finance a new project (no

start-ups), including working capital.

The principal criterion for evaluating

prospective investments is whether or

not the return on a pro-posed

investment project is commensurate

with the risk.

industries: No hard liquor, financial institutions, tobacco, firearms, or

companies with an existing majority

of non-Russian capital.

additional notes: The Fund will provide some technical

assistance alongside investment.

contacts: Union d’Etudes et

d’Investissements

Paul-Henry Schmelck

100, boulevard du

Montparnasse

Paris 75682, Cedex 14, France

Tel.: + 33 (1) 43-23-61-99

Fax: + 33 (1) 43-23-34-13

Email: stephanie.egoian 

@cnca.credit-agricole.fr

Credit Agricole Consultants

Sigefi

Southern Russia

Regional Venture Fund

Philippe Geynet,

Project Manager

International Business Center

ul. Beregovaya 10

344008 Rostov-on-Don, Russia

Tel.: +7 (8632) 673-128, 673-422

Fax: +7 (8632) 670-407

Email: srvf@iname.com

The U.S. Russia Investment Fund (TUSRIF)

region: Russia.

manager: U.S. Russia Investment Fund

capitalization: USAID (total anticipated): 

$440 million.

funds invested: 150 million in over 200 businesses,

as of March 30, 1999.

investment

objective: The U.S. Russia Investment Fund

provides financing and management

support in the form of equity

investment, loans, and technical

assistance grants to firms operating

in the Russian Federation. The Fund

will consider investment proposals

from enterprises as long as they are

commercially viable and exhibit the

potential for growth and profit

generation. The business should

have a committed and progressive

management team and a coherent

business plan or thoughtful vision

for development. Investments have
Sources of Finance July 1999 54

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

ranged from $20,000 t o

approximately $11 million.

industries: Diversified.

additional notes: This fund was formed through a

consolidation of the Fund for Large

Enterprises in Russia and the

Russian-American Enterprise Fund.

TUSRIF also has a small-business

lending program that works through

Russian banks and lending

institutions to make small loans to

small enterprises.

contact: TUSRIF

545 Fifth Avenue, Suite 300

New York, NY 10017

Tel.: (212) 818-0444

Fax: (212) 818-0445

TUSRIF/Moscow

2 Pavletskaya Square

Block 3, 5th floor

103051 Moscow, Russia

Tel.: +7 (095) 960-3131

Satellite Tel.:+7 (501) 960-3131

Fax: +7 (095) 960-3132

Satellite Fax:+7 (501) 960-3132

TUSRIF/Yekaterinburg

ul. Gogola 15A, 1st Floor

620151 Yekaterinburg, Russia

Tel.: +7 (3432) 592-909

Fax: +7 (3432) 592-908

TUSRIF/Khabarovsk

33, Muraviev-Amursky St.

Office 303

680000 Khabarovsk, Russia

Tel.: +7 (4212) 325-647

Fax: +7 (4212) 327-941

Satellite Tel.: +7 (509) 01-49088

TUSRIF/Rostov-on-Don

ul. Beregovaya 10, 11 Floor

344007 Rostov-on-Don, Russia

Tel.: +7 (8632) 671-786

Tel./Fax: +7 (8632) 671-768

TUSRIF/St. Petersburg

ul. Italianskaya 5, Office 53

190000 St. Petersburg, Russia

Tel.: +7 (812) 315-7035

Fax: +7 (812) 315-8264

TUSRIF/Vladivostok

U.S. Consulate Building,

Commercial Section

Attn.: Thomas Nastas

32, Pushinskaya St.

690000 Vladivostok, Russia

Tel.: +7 (4232) 300-093

Fax: +7 (4232) 300-092

TUSRIF

American Business Center

Kommunistichesky Pros., 32

693000 Yuzhno-Sakhalinsk,

Russia Tel.: +7

(4242) 727-124/25

Fax: +7 (4242) 727-174

Ukraine Fund

region: Ukraine.

manager: Claflin Capital Management, Inc. 

capitalization: $22.5 million.

funds

invested: $15.7 million in 27 projects.

investment

objective: Equity. Ukrainian nationals should

have a sizeable share of the venture.

Average investment is $250,000,

though up to $1.5 million may be

con-sidered for portfolio investments

over a period of time.

industries: Companies producing for the

Ukrainian market. The Fund has

invested in real estate, building

materials, and food processing and

distribution, among other sectors.

contact: Alexander Grenynk

Ukraine Fund

14-A Yaroslavival Str

252034 Kyiv

UKRAINE

Tel: +38 (044) 235-3790

Fax: +38 (044) 235-3792
Sources of Finance July 1999 55

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Jerry Bird, Vice President

Claflin Capital Management, 

Inc.

77 Franklin Street

Boston, MA 02110

Tel.: (617) 426-6505

Fax: (617) 482-0016

Urals Regional Venture Fund

region: Russia: Sverdlovsk, Perm, and

Chelyabinsk oblasts.

manager: Fleming Investments Ltd.

capitalization: EBRD: $30 million.

investment

objective: Equity investments in private-sector

enterprises with no more than 25

percent state ownership and up to

5,000 employees. Investments targets

will not necessarily have a foreign

partner or hard currency earnings;

the fund is expected to focus on

enterprises that have a strong position

in the domestic market. referred

minimum investment is $300,000;

preferred maximum investment is $3

million.

industries: No hard liquor, tobacco, or firearms.

additional notes: Investees must have a western

partner.

contact John Ward

GIMV/corpeq Urals Fund B.V.

Ulitsa Kuibysheva 44

6

th Floor

620026 Ekaterinburg

Tel/Fax: +7 (3432) 596140/1/2

J.Ward@urvf.wtc-ural.ru

Mr. Jan Dewijngaert

GIMV

Gareloomstraat 37

2018 Antwerp

Belgium

Tel: 00 32 3 290 2100

Fax: 00 32 3 290 2105

Email: janDW@gimv.be

The Western NIS Enterprise Fund

region: Western NIS (Belarus, Moldova, and

Ukraine).

manager: Western NIS Enterprise Fund.

capitalization: The U.S. Government has

capitalized the Fund with $150

million in foreign assistance

appropriations over the next 3-4

years.

funds

invested: $29.4 million committed as of

September 30, 1996.

investment

objective: The Fund provides portfolio

companies with capital and the

necessary management tools to

evolve from entrepreneurial ventures

to professionally-managed

companies. Proceeds from the

Fund’s equity investments of

$500,000 to $5 million are used

primarily for restructuring and

expansion.

industries: Food processing, distribution,

construction materials, other light

manufacturing.

additional notes: The Fund also arranges for

experienced western executives to

work with local management in

order to prepare and position

companies for growth. In addition,

policies and procedures for proper

corporate governance and operating

management are implemented and

management information systems

are installed in each company.

These management tools and the

Fund’s active participation on the

supervisory council or board of each

company are important elements of

the Fund’s post-investment

monitoring.

contact: Scott A. Carlson,

President & CEO

Western NIS Enterprise Fund

15 W. 39th Street, 11th Floor

New York, NY 10018

Tel.: (212) 556-9320
Sources of Finance July 1999 56

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

Fax: (212) 556-9321

Natalie A. Jaresko

Western NIS Enterprise Fund

4 Muzeney provulok, 3rd Fl.

252001 Kiev, Ukraine

Tel.: +380 (44) 247-5580 

Fax: +380 (44) 247-5589

+West Russia Regional Venture Fund (RVF)

region: Russia: Novgorod, Pskov, Tver,

Vologda.

manager: Società Finanziaria di Partecipazione

SpA (SOFIPA), for the EBRD.

capitalization: EBRD: $30 million.

investment

objective: Capital provided by the fund must be

used to finance a new project

including associated working capital.

The principal criterion will be

whether the expected return on

investment is commensurate with the

risks. Eligible projects are expected to

involve the rationalization,

modernization, or expansion of

productive capacity. At least 75

percent of the voting shares of the

enterprise concerned must be owned

by private shareholders prior to the

Fund’s investment. Minimum

investment of $300,000; maximum

$3 million. 

industries: No hard liquor, tobacco, firearms,

gambling, financial services,

speculative activities including real

estate speculation, or activities that

are on the EBRD Environmental

Exclusion List.

contact: Paul Jackson/Francesco Gioffreda

Sofitech 

ul. Mstinkaya 12

173004 Novgorod, Russia

Tel.: +7 (816) 223-5354 

Fax: +7 (816) 223-6684 

Email: pdj@sofitech.novgorod.ru, 

Fg@sofitech.novgorod.ru

Giovanni Ciochetta 

Società Finanziaria di Partecipazione

SpA (SOFIPA) 

Via Hoepli n 5

20121 Milan, Italy

Tel.: +39 (2) 725-9271

Fax: +39 (2) 8901-1027

Framlington West Siberia Regional Venture

Fund(RVF)

region: Russia: Altay, Kemerovo,

Novosibirsk and Tomsk oblasts.

manager: Framlington Investmen t

Management Limited.

capitalization: EBRD: $33 million.

investment

objective: To make supranormal capital gains

over a 5 to 8 year period. Minimum

investment of $300,000, maximum

investment of $3.3 million. Riskadjusted capital gains over a 4-6

year period. 

industries: All with the following exceptions:

hard liquor, tobacco, firearms,

gambling, financial services,

speculative activities including real

estate speculation, or activities that

are on the EBRD Environmental

Exclusion List.

contacts: Josh Dick 

Framlington West Siberia Regional

Fund

53 Gorky Street 

630099 Novosibirsk 99, Russia

Tel.: +7 (3832) 959-416, 959-417

Fax: +7 (3832) 959-419

Mobile: +7 (3832) 595-838 

Email: wsvf@online.ru

Gary C. Fitzgerald

Managing Director

Framlington Emerging Markets

155 Bishopsgate

London EC2M 3XJ, UK

Tel.: +44 (171) 374-4100

Fax: +44 (171) 330-6432
Sources of Finance July 1999 57

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

ASIAN DEVELOPMENT BANK (ADB)
Sources of Finance July 1999 58

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The Asian Development Bank (ADB) is a development finance institution that primarily lends funds and

provides technical assistance to developing member countries. Over 95% of ADB's activities are large public

sector loans made to government agencies in the developing member countries for large ($60 million average)

infrastructure and social projects. Lending for private projects constituted about 4% of ADB's portfolio in 1998.

NIS members are Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan. ADB financing includes loans, equity

investments, and guarantees. Since the United States is a shareholder and contributor to the Bank, U.S.

companies are eligible to take part with NIS partners in ADB-funded projects.

Updated March 1999

INTRODUCTION

ADB-supported private-sector projects must be economically viable, create jobs, and positively affect the

borrowing country’s economy. Preference is given to projects that assist in removing economic bottlenecks and

which transfer technology.

Eligible enterprises should be in the private sector of an ADB developing member country and may be locally

or foreign-owned. An enterprise owned jointly by private interests and the government may also be eligible,

provided that it satisfies the criteria of operational autonomy and managerial freedom and is run on a

commercial basis.

The ADB normally requires sovereign guarantees. However, the ADB will make direct loans to private

companies without sovereign guarantees if the project produces essential items or provides vital services.

As a general rule, the ADB does not provide majority funds for private sector projects, and avoids

responsibilities associated with ownership except if this becomes necessary to safeguard the Bank’s investment.

The Bank will try to sell its equity in a company at a fair price as soon as possible, but will consult with major

investment partners and give due consideration to their views. The total amount of ADB assistance to a project

will not normally exceed 25 percent of the total cost of the project, or $50 million, whichever is lower.

ADB Facilities

Direct financial assistance to private enterprises consists mainly of loans without a government guarantee and

underwriting and investment in equity securities. Direct assistance is also provided to privately-owned financial

institutions. The ADB has underwritten the initial offerings of several mutual funds. Financial institutions and

sponsors of projects involving venture capital, leasing, factoring, investment management, and commercial

finance, among others, are eligible for the Bank’s direct assistance. In addition to assisting financial

intermediaries, the ADB’s private sector operations focus on infrastructure projects and industrial, agribusiness,

and other projects which have significant demonstrational or economic merit.

Loans 
Sources of Finance July 1999 59

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Loans without government guarantees have been made available by the ADB since 1985. Direct financing is

largely allocated to capital-intensive infrastructure projects. Credit lines established with financial institutions

by the ADB for on-lending are intended mainly for small and medium-sized new ventures as well as for

balancing, modernization, replacement, or expansion of existing ventures. The bank has several different loan

products, with maturities generally ranging from 8 to 15 years, including a suitable grace period.

* Market Based Lending (MBL): These loans may be more appropriate for borrowers that can pass on the

foreign exchange risk to others, such as financial intermediaries. MBL loans allow both financial intermediaries

and their sub-borrowers to match the currencies of their cash inflows and outflows. In addition, the market-based

lending rate may suit the needs of financial intermediaries that usually use LIBOR (London Interbank Overnight

Rate) as the base rate for their foreign currency lending.

* U.S. Dollar Loans: U.S. dollar loans are appropriate for borrowers that earn revenues in U.S. dollars, or

in currencies that tend to move with U.S. dollar rates and do not require close linkage to current market interest

rates. The variable interest rate of U.S. dollar loans is based on the cost of the Bank’s outstanding U.S. dollar

borrowings and is relatively stable.

* Multi-currency Loans: Multi-currency loans present borrowers with a significant exchange risk and are

difficult to manage because of the nature of the currency composition. Consequently, these loans are appropriate

only for borrowers that have the capacity to manage such currency risks. The variable lending rate of these loans

is not linked to current market interest rates, but rather is based on the average cost of the Bank’s outstanding

borrowings undertaken to fund these loans.

Equity Investments

ADB equity investment operations are intended to complement domestic resources, and cofinancing is

encouraged. The Bank’s equity operations may take the form of investment in the equity of productive

enterprises for financing specific projects, or investment in the equity of development finance institutions and

other institutions set up to promote industry, mining, agribusiness, or allied activities.

Guarantees

ADB guarantees can offer limited support designed to reduce private sector exposure to risk unique to

developing countries that the private sector cannot absorb or manage on its own. Guarantees are most

appropriate in supporting private funding of infrastructure projects. These projects require considerable funds

with extended maturities to match their long payback periods. 

The Bank’s guarantees can be offered in any currency for commercial debt financing to private entities in ADB

developing member countries. The types of guarantee operation are:

* Partial-credit Guarantee: Intended for private sector borrowers with a government counter-guarantee, these

are designed to cover the portion of financing that falls due beyond the normal tenure of loans provided by

private financiers. This mode is generally used for private sector projects that need long-term funds to be

financially viable. A partial credit guarantee typically extends maturities of loans and covers all events of
Sources of Finance July 1999 60

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

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nonpayment for a designated part of the debt service. In that sense, it is an all-inclusive guarantee either of

principal or principal and base interest, for those maturities that cannot be obtained from commercial lenders

without credit enhancement. This facility will be particularly useful in ADB developing member countries with

partially restricted access to international capital markets, but which are considered fundamentally creditworthy

and sound by the ADB, for obtaining longer maturities of credit needed to improve project viability.

* Partial-risk Guarantees: Partial-risk guarantees are provided to cover specific risks arising from

nonperformance of government contractual obligations that are critical to the viability of projects. Partial risk

guarantees can mitigate specific risks that private financiers generally find difficult to absorb or manage. Such

guarantees typically cover risks arising from government actions: non-delivery of inputs and/or nonpayment for

output by state-owned entities; changes in the agreed upon regulatory framework; and political force majeure.

Foreign exchange convertibility risk in projects that do not generate foreign exchange earnings may also be

covered. A government counter-guarantee may also be provided to reaffirm the government’s acceptance of the

obligations backed by the ADB.

ADB PROGRAMS IN THE NIS

Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan are developing member countries of the Asian Development

Bank and eligible for ADB programs. Tajikistan became a member in 1998.

To enable the ADB to promptly assess a project for Bank assistance, the sponsor should submit a brief outline

which includes a description of the project, financial and managerial background of the sponsors, project cost

estimates and foreign exchange requirements, financing plan including amount of ADB financing requested,

market prospects and marketing arrangements, and a plan for implementing the project, including the status of

government approvals. 

CONTACTS

Manager, Private Sector Group 

Asian Development Bank

P.O. Box 789

0980 Manila, Philippines

Tel.: +63 (2) 632-4444

Fax: +63 (2) 636-2346

Sponsors of medium-sized projects and transactions and those seeking underwriting, syndication, and other

merchant banking services should contact the ADB-established Asian Finance and Investment Corporation:

Asian Finance & Investment Corporation, Ltd.

31/F Citibank Tower, Citibank Plaza

8741 Paseo de Roxas
Sources of Finance July 1999 61

BUSINESS INFORMATION SERVICE FOR THE NEWLY INDEPENDENT STATES (BISNIS) tel: 202/482-4655

Email: bisnis@ita.doc.gov www.bisnis.doc.gov fax: 202/482-2293

1226 Makati City

Metro Manila, Philippines

Tel.: +63 (2) 817-3806

Fax: +63 (2) 816-3209

For further information about the ADB, contact:

Denny Barnes, Senior Commercial Officer

U.S. Commercial Liaison to the ADB

U.S. and Foreign Commercial Service

U.S. Embassy, Manila

APO AP 96440

Tel.: +63 (2) 890-9364 or 895-3020

Fax: +63 (2) 890-9713

Email: dbarnes@doc.gov

Home page: www.adb.org