VTB Bank First Deputy President and Chairman of the Management Board Yuri Soloviev and Chairman of the Board of Managers of Eurasian Resources Group (ERG) S.a.r.l. Alexander Mashkevich signed an agreement of understanding and cooperation at VTB Capital’s Russia Calling! Investment Forum.
The parties agreed on mutually acceptable terms, including an overall rescheduling of ERG’s outstanding payments to VTB Group until 2021 and the possible consolidation of its current loan agreements with an increase in the collateral package, as a follow-up to their agreements announced at the 19th St.Petersburg International Economic Forum.
Commenting on the agreement, Mr. Soloviev said: “This consolidation will enable ERG to continue with its development strategy through the current volatility on global markets and will strengthen VTB Group’s position in the region’s financial sector. Today's agreement has sealed our earlier agreements, and we will maintain our partnership in the future.”
“VTB Bank is one of our key financial partners and provides us with systematic and continuous support,” Alexander Mashkevich said. “Our new agreement is evidence of the strength and reliability of ERG’s business; it lays the foundations for consistent development and growth in the long term. Rescheduling the loans will allow ERG to adhere to its business plan and ease its way through the current turbulence on markets for the Group's products. Additional investments in our business mean that projects that we select are of interest to a leading financial institution, and therefore we have chosen the right path; they confirm the effectiveness of ERG’s management. We will continue to work to consolidate our achievements and to ensure our leading position in the mining industry.”