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HSBC opens $7 mln loan facility for Russian Development Bank

MOSCOW, May 8 (RIA Novosti) - The Development Bank of Russia said Tuesday it has signed a tripartite agreement with London-based HSBC Bank plc and the Australian export finance and insurance corporation (EFIC) on obtaining a $7 mln loan facility.

The Bank will use the 4.5-year loan to finance the Volga-based Samara reservoir plant that produces tanks and other metal products, the bank's press office said.

In November 2006, the Development Bank of Russia signed its first agreement with HSBC on obtaining a 12.3 million euro ($16.7 million at the current exchange rate) loan over eight years.

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