Vneshtorgbank (VTB) plans to spend $100 million to finance gold production in 2002, the bank`s vice president, Yelena Krasavtseva, told the press Monday.
VTB intends to buy 20 tonnes of gold for further resale, she said.
Last year the bank advanced $70 million in seasonal loans to gold producers, 40% more than in 2000. VTB bought around 18.5 tonnes of gold in 2001, up 70% year-on-year.
As reported earlier, VTB allocated a total of $75 million to finance gold production in 2001. The loans were made to companies in Chita, Magadan, Irkutsk and Khabarovsk.
The bank currently works with 93 Russian gold producers.