VTB Bank has arranged financing for Uralchem Group’s export sales with the support of the Russian Export Insurance Agency (EXIAR).
Under the agreement, VTB provided a loan of over US$100 million with EXIAR coverage to Uralchem, one of Russia’s largest producers of nitrogen and phosphate fertilizers.
The insurance contract between EXIAR and VTB will help create the most favourable financial conditions for promoting Uralchem Group’s mineral fertilizer exports to a vast array of destinations including Brazil, India, Ireland, Finland, Peru, and Sweden.
Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, said: "This funding agreement will enable Uralchem Group to boost production as well as sales. We feel that export financing is an important line of business, and is a reliable way of supporting Russian exporters".