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2011.08.22 | VEB, HSBC, EFIC to finance meat project in Russia’s Bryansk Reg

Russian state-owned bank Vnesheconombank (VEB), Australian export insurance agency EFIC, and bank HSBC have signed an individual loan agreement under the financing of a meat production project to be implemented in Russia’s Bryansk Region, VEB said in a statement Tuesday.

The project is expected to be implemented by Russian company Bryanskaya Myasnaya Kompaniya, or Bryansk Meat Company.

Under the agreement, VEB is to take out a U.S. $39.7 million loan for nine and a half years from HSBC in order to finance the Bryansk Meat Company’s contracts on cattle supplies with a number of Australian exporters in 2011.

The contracts are to be guaranteed by EFIC.

VEB has also signed an individual agreement with HSBC to take out $49.6 million in loans for seven years. The funds are to be used for local expenses in 2011.