Vnesheconombank, HSBC Bank plc sign credit agreement to fund construction cement plant in the Kaluga region, Russia

24-6-2013 — /europawire.eu/ — In the course of the Petersburg International Economic Forum-2013 State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and HSBC Bank plc. (Great Britain) signed a credit agreement

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of HSBC – by Co-Head of Global Markets at HSBC Group Spencer Lake.

Under the agreement HSBC is to extend additional credit facilities worth up to 25.2 million euros (in ruble equivalent) to fund a project on the construction of a cement plant in the Kaluga region to be implemented by the Kaluga Cement Plant LLC. Credit facilities are to be extended for a total period of up to 8.5 years against insurance coverage of Denmark’s Export Insurance Agency EksportKreditFonden.

This agreement’s implementation would help to develop high-technology production facilities, create new jobs and increase the amount of tax revenues in budgets of all levels.

HSBC Bank plc. is part of HSBC Group. HSBC Group is a holding company comprising banks, investment and financing organizations. By the amount of assets HSBC Group is among four largest banking institutions in Great Britain. The Group has an expanded network of affiliates and bank branches all over the world. On the Russian territory the Group is represented by its subsidiary HSBS Bank LLC. It is specializing in providing corporate banking services to companies and financing institutions.

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