2012.05.28 | Russia’s VEB takes $47.5 mln from HSBC for Bryansk meat projectRussia’s Vnesheconombank (VEB) has signed an agreement to borrow U.S. $47.5 million from HSBC to finance the creation of meat processing complex in the Bryansk Region, VEB said in a statement Thursday.
The interest rate of the loan was not provided.
VEB, HSBC, and Australia’s Export Finance and Insurance Corporation (EFIC) signed a loan agreement under project funding arrangement to establish a meat processing facility, realized by Russia’s Bryansk Meat Company.
HSBC is to allocate the funds to VEB to finance a number of contracts to be concluded by Bryansk Meat Company with several Australian cattle exporters in 2012–2013 under a guarantee provided by the EFIC for 10 years.
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