Moscow. August 9, 2004. The U.S. Overseas Private Investment Corporation (OPIC) and the Russian company Europlan, which is managed by Baring Vostok Capital Partners, have signed a credit agreement for 30 million U.S. dollars for seven years. The borrower will use these funds to finance equipment leasing deals with its main clients - small and mid-sized businesses. This is the first time OPIC has provided long-term financing to a Russian leasing company.
“As is known from U.S. business, small and mid-sized businesses are a vitally important mechanism for economic growth. OPIC is happy to support Europlan’s efforts to develop programs for work with small and mid-sized businesses and hopes that this will encourage further economic development in Russia,” OPIC President Peter Watson said.
Set up in 1999, Europlan has become the leading independent leasing company in Russia. Europlan leases vehicles, equipment and real estate to small and mid-sized businesses – the fastest growing section of the Russian economy, which is experiencing a serious need for long-term financing. The company will provide OPIC funds to lessees in over 30 regions in the country.
“Having set up our business five years ago, we managed to gain a strong position on the market, develop and install state-of-the-art information systems and create a broad network for distributing our services. The OPIC financing will allow us to continue to actively develop and provide high-quality leasing products to the most promising Russian companies,’ Europlan President Nikolai Zinoviev said.
Mikhail Lomtadze, a partner with Baring Vostok Capital Partners and a member of the Europlan board of directors added: “the signing of the agreement with OPIC is a significant confirmation of the growing trust and confidence in Europlan’s success among international finance companies. During one year Europlan has attracted about $50 million in long-term financing. We are confident in our potential to continue to successfully attract long-term financing to maintain Europlan’s leading position on the Russian market for leasing services,” he said.
Note for editors: About Europlan (formerly DeltaLeasing) – an independent Russian leasing company managed by Baring Vostok Capital Partners – a direct investment fund working in Russia and the CIS. Set up in 1999, Europlan leases equipment, vehicles and commercial real estate to small and mid-sized businesses through seven branches covering 33 regions. Europlan clients work in over 30 industrial sectors, and 70% of them have over 100 employees. The company has over $50 million in asset and the average deal amounts to about $70,000.
OPIC – the Overseas Private Investment Corporation – was set up as a U.S. government agency in 1971. OPIC helps U.S. companies invest abroad, encouraging the economic development of new and developing markets, helping the private sector manage risks connected with foreign direct investment, and supporting U.S. foreign policy. OPIC has carried out its mission since 1971, and has financed over 3,100 projects in developing countries. In its 32-year history, OPIC has invested about $145 billion, which has helped developing countries receive profit of over $11 billion and create over 680,000 jobs.
Baring Vostok Capital Partners is a leading management company for direct investment funds in Russia and the CIS, with total capital of over $400 million. Baring Vostok has successfully invested funds in oil and gas companies, production of consumer goods, telecommunications, financial services, mass media and high-tech projects. Baring Vostok is a member of Baring Private Equity International, which manages direct investment funds in 25 countries around the world with total capital of $2 billion.
CONTACTS:
Europlan: Mr. Nikolai Volyansky, 12 Malaya Sukharevskaya Pl, Moscow, 127021 Russia. Tel (+7 095) 960 22 44, Fax (+7 095) 660 22 40, e-mail: nvv@europlan.ru. Website: http://www.leasing.ru Source: Europlan press service Back to News List 
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