Vnesheconombank raises credit facilities from german DZ BANK AG to finance construction of Kazbek technological park
December 18, 2012
State corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK AG), Frankfurt am Main concluded loan agreements to finance a project aimed at creation of the first innovation technological park on territory of Chechen Republic.
The loan agreements were signed by Mr. Alexander Ivanov, Deputy Chairman, on behalf of Vnesheconombank and by Mr. Manfred Fischer, Managing Director, on behalf of DZ BANK AG.
DZ BANK AG provided a 10-year facility of up to EUR42 million, insured by the German export credit agency Euler Hermes, for financing of 85% of the German equipment supply contracts and up to 100% of the respective insurance premium.
A 7-year, up to EUR7 million commercial facility was also raised by Vnesheconombank from DZ Bank AG.
The project is implemented by ZAO “Kazbek Innovation Construction Technological Park”. The total project value is 5 billion rubles, with Vnesheconombank’s commitment being 4.4 billion rubles. The technological park comprises four interlinked modern construction materials production lines: autoclaved aerated concrete blocks and panels, fibre cement sheets, dry mix mortar, burned lime.
Company — VEB
Full nameState Development Corporation "VEB.RF"