VTB Bank with the support of the Russian Agency for Export Credit and Investment Insurance (EXIAR), has issued the first USD 65.4 million loan under the programme of financing export deliveries to Mongolia.
The borrower is the Development Bank of Mongolia, which is acting with governmental guarantees issued by the Ministry of Finance.
VTB previously launched a three year credit facility in the amount of USD 300 million for the Mongolian bank. The money will be used to finance purchasing of Russian oil products for the growing Mongolia’s mining industry.
"VTB has considerable experience in export finance transactions, specifically due to its close partnership relations with EXIAR. We hope that this momentous deal with one of Mongolia’s largest financial institutions will bolster VTB Group’s business in Mongolia," said Yuri Soloviev, First Deputy President and Chairman of VTB Bank’s Management Board.
Development Bank of Mongolia is a state financial development institution established by the Mongolian government to facilitate the economic and infrastructure development in the country. The Development Bank of Mongolia provides