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Fertilizer maker EuroChem on Tuesday secured a $1.5 billion syndicated loan from international banks in a deal hailed by the government as a sign of confidence in the crisis-hit Russian economy.
EuroChem said it had signed an agreement for the four-year loan with a group of major banks. The funds will contribute to a $3.2 billion investment program as well as refinancing existing debt and boosting working capital.
"The extension of credit to a Russian company is confirmation that foreign financial institutions believe in our economy," Denis Manturov, a deputy industry and trade minister, said in a separate statement. "The government is now paying specific attention to supporting the real economy, and concrete measures for a whole range of sectors are already being worked out."
EuroChem gave no more details of the loan.
EuroChem Secures $1.5Bln Loan
22 October 2008
Reuters
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