Sberbank Signs a 10-year Multi-Sourcing General Purpose Line of Credit Agreement for EUR 250m with Fortis Bank and Undertakes Financing Individual Agreement between ZAO Corporation GriNN and DMT S.A., France under the Credit Line
Mar 21, 2004
Sberbank and the banks of the Fortis Bank group (Fortis Bank N. V., Belgium; Fortis Bank (Nederland) N. V., Netherlands; and Fortis Banque France S. A., France) signed a Multi-Sourcing General Purpose Line of Credit Agreement for EUR 250m. It opens lending opportunities over a period up to 10 years with ECA's cover for Sberbank customers importing products and services from Europe to Russia.
Within the framework of this Multi-Sourcing Agreement, Sberbank signed the first individual loan agreement with Fortis Banque France S.A., France, to finance a project of ZAO Corporation GriNN, Kursk, Russia, for the construction of a plant to manufacture bi-axially oriented polypropylene film.
ZAO Corporation GriNN is serviced by Sberbank's Tsentralno-Chernozemny Regional Head Office. It is a multi-business company involved in numerous projects in retail and wholesale trade, motor transport and residential construction sectors. Its annual turnover of more than RUR 2bn is amongst the highest in Kursk region.
This project will be instrumental to ZAO Corporation GriNN in the establishment of the first Russian large scale production of bi-axially oriented polypropylene film of high quality. This product is required by food companies and major film users for printing, lamination and metal coating. DÌÒ S.A., France, the major supplier of the manufacturing equipment for the project, will be responsible for the completeness of supplies, engineering work and staff training.
Sberbank sets great store on the development of co-operation with ECAs and foreign banks providing ECA-based financing in the countries that are Russia's major trading partners. The Agreement with Fortis Bank has broadened the range of Sberbank's banking products for financing long-term investment programmes of its customers on the terms that are favourable for Russian companies. The Agreement opens new opportunities to Russian companies for financing the import of equipment from Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK and other countries.
Sberbank's Press Service