https://sputnikglobe.com/20230411/rec-belveb-and-vebrf-will-finance-modernization-of-grodno-azot-1109349173.html
REC, Belveb and VEB.RF Will Finance Modernization of Grodno Azot
REC, Belveb and VEB.RF Will Finance Modernization of Grodno Azot
Sputnik International
A group of companies of the Russian Export Center (REC), Bank BelVEB and VEB.RF will participate in the financing of an investment project for the... 11.04.2023, Sputnik International
2023-04-11T16:51+0000
2023-04-11T16:51+0000
2023-04-11T16:51+0000
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russian export center jsc (rec)
russia
belarus
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"The group of companies of the Russian Export Center, Bank BelVEB and VEB.RF jointly participate in the financing of the investment project 'Reconstruction of the Ammonia-4 workshop' (1st stage). This is the first project implemented by Grodno Azot OJSC within the framework of the large-scale investment program 'modernization map,' which provides for both the reconstruction of existing production facilities and the creation of new production facilities and installations," the statement says.The Russian company will implement the project "on a turn-key basis." The revamping of the refinery will increase the ammonia output and reduce the power consumption per unit.The REC group of companies, guaranteed by VEB, will provide financing. Bank BelVEB will act as the agent bank.The relevant agreement on opening a credit line with a limit of 3.25 billion rubles by Grodno Azot OJSC was signed on April 7, 2023. The credit period will be seven years. Funding is provided with a subsidized part of the interest rate at the expense of the Russian budget.Bank BelVEB has been cooperating with Grodno Azot for over 15 years, and has previously participated in an investment project involving the resources of a consortium of foreign banks. The bank plans to become a coordination center of the VEB.RF group in Belarus to support Russian-Belarusian integration projects.With the support of VEB.RF in Belarus, projects worth over 1.3 trillion rubles have been and are currently being implemented. The total volume of VEB.RF participation in these projects exceeds 65 billion rubles. At present, projects worth almost 11 billion rubles are under consideration by VEB.RF.
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russian export center jsc (rec), russia, belarus
russian export center jsc (rec), russia, belarus
REC, Belveb and VEB.RF Will Finance Modernization of Grodno Azot
A group of companies of the Russian Export Center (REC), Bank BelVEB and VEB.RF will participate in the financing of an investment project for the reconstruction of the Ammonia-4 workshop of Belarus' Grodno Azot, a credit line of 3.25 billion rubles will be opened for seven years, the REC said.
"The group of companies of the
Russian Export Center, Bank BelVEB and VEB.RF jointly participate in the financing of the investment project 'Reconstruction of the Ammonia-4 workshop' (1st stage). This is the first project implemented by Grodno Azot OJSC within the framework of the large-scale investment program 'modernization map,' which provides for both the reconstruction of existing production facilities and the creation of new production facilities and installations," the statement says.
The Russian company will implement the project "on a turn-key basis." The revamping of the refinery will increase the ammonia output and reduce the power consumption per unit.
The REC group of companies, guaranteed by VEB, will provide financing. Bank BelVEB will act as the agent bank.
The relevant agreement on opening a credit line with a limit of 3.25 billion rubles by Grodno Azot OJSC was signed on April 7, 2023. The credit period will be seven years. Funding is provided with a subsidized part of the interest rate at the expense of the Russian budget.
"In fact, today we have implemented the first deal in a new format, which provides for the organization by Bank BelVEB of a financing project with joint participation of the VEB.RF Group. Thus, we have opened up additional opportunities for Belarusian enterprises, providing access to more favorable conditions for financing purchases of Russian-made high-tech products. I am confident that this innovative scheme of interaction will help scale up business in the sphere of Russian-Belarusian economic integration," said Vasily Matyushevsky, governor of Bank BelVEB.
Bank BelVEB has been cooperating with Grodno Azot for over 15 years, and has previously participated in an investment project involving the resources of a consortium of foreign banks. The bank plans to become a coordination center of the VEB.RF group in Belarus to support Russian-Belarusian integration projects.
With the support of VEB.RF in Belarus, projects worth over 1.3 trillion rubles have been and are currently being implemented. The total volume of VEB.RF participation in these projects exceeds 65 billion rubles. At present, projects worth almost 11 billion rubles are under consideration by VEB.RF.
