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EBRD and Vneshtorgbank to continue joint financing of the agribusiness

 
29 August 2003
Vneshtorgbank and European Bank for Reconstruction and Development (EBRD) agreed to give further effect to the agreement on granting Vneshtorgbank a revolving line of credit to finance agribusiness enterprises (both producers and processors). The credit lineount was increased from US$10 to US$15 million.
The line is used to make short-term loans under 1 year in Russian roubles and in hard currencies to Russian farm businesses fromong Vneshtorgbank`s customers.
Not only Moscow region-based farmers show interest in the EBRD line, but also companies located in areas with developed agribusiness sector. At present, Vneshtorgbank has been successfully co-operating with agribusiness companies, including major farm traders and processors in southern Russia, which was instrumental in selecting Vneshtorgbank by EBRD to implement the project.
The US$10 million credit line granted to Vneshtorgbank in 2002, was fully drawn down. With the EBRD line, loans were made to customers served by VTB branches in Rostov-on-the-Don, Belgorod, Vladimir, Samara, Saratov and others.
Vneshtorgbank hasassed a long-term experience in co-operating with EBRD on several programmes. In 1999, VTB became the first Russian banking institution to have been included in the EBRD-managed Trade Facilitation Programme involving EBRD guarantees granted against VTB`s commitments for up to 3 years and pre-export financing to be made to Vneshtorgbank`s customers for up to 2 years.
As from 2001, guarantees and loans made by Vneshtorgbank to Russian exporters from EBRD financing raised under a variety of Programmes totalled about US$180 million.

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