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Vnesheconombank Raises Credit Resources as Part of the Project Implemented by the Bryansk Meat Company (LLC)

16 august 2011 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, HSBC Bank Plc (HSBC) and Australia’s Export Finance and Insurance Corporation (EFIC) signed an individual credit agreement on funding the first stage of the project to build an industrial complex to raise highly productive cattle meat breeds and to initially process meat in the Bryansk region. The project is being implemented by the Bryansk Meat Company (LLC).

Under the agreement signed HSBC is to provide Vnesheconombank with credit resources worth 39.7 million U.S. dollars to fund the contracts the Bryansk Meat Company (LLC) concluded with a number of Australian cattle exporters in 2011 against the coverage of Australia’s Export Finance and Insurance Corporation (EFIC) for a period of 9.5 years.

As part of the project, Vnesheconombank and HSBC also signed an individual agreement on raising a commercial credit worth 49.6 million U.S. dollars for a period of 7 years to finance local expenses in 2011.

On behalf of Vnesheconombank the agreements were signed by Management Board Member, Vnesheconombank Deputy Chairman Petr Fradkov, on behalf of HSBC –by Global Head of Export Credit and Global Specialised Finance HSBC Bank plc, London Peter Luketa and on behalf of EFIC – by Director, SME Organization, NSW & Institutional Trade Finance Manager Colin George.

HSBC Bank Plc (HSBC) is a member of the HSBC Group. The HSBC Group is a holding company incorporating banks, insurance and investment institutions. HSBC ranks second for the amount of assets in Great Britain. The HSBC Group has a wide network of branches and subsidiaries abroad including its affiliated entity in Russia LLC HSBC Bank (PP).  In Russia, HSBC offers a wide range of corporate and investment banking products to companies and financial institutions.

Export Finance and Insurance Corporation (EFIC) is a state-run export credit agency. It aims to assist Australian producers and exporters on world markets.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

   


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