VTB Bank has approved an eight-year credit facility worth RUB 900 million for Monocrystal, a world leader in the production of synthetic sapphires. The company will use the funds to implement an investment programme aimed at increasing the number of its sapphire growing furnaces.
Monocrystal’s products are used to produce high-tech equipment, including smartphones and tablet computers.
Viktor Kuzmenko, head of VTB in the North Caucasus Federal District, said: “Monocrystal is a unique innovative Russian company, and one of the world’s top three producers of synthetic sapphires. It is an honour to serve as a financial partner of Monocrystal. We are confident that the credit facility that we have approved for it will help it to strengthen its leading positions on the global market.”“VTB has offered us loan terms that meet our long-term development strategy,” said Vladimir Polyakov, President of the Energomera Group and Board Chairman of Monocrystal. “Our goal is to become the technological leader in our sector and to continue to meet the requirements of our clients, which are the world’s largest high-tech companies. This cannot be achieved without investment. The long-term loan provided by our partner will definitely help us to achieve this goal.”