The FINANCIAL — The Black Sea Trade and Development Bank has restructured its USD 7 million loan to JSC “Natfood” signed in April 2008 and committed to provide additional working capital facility to the Company in the amount of up to USD 1.4 million.
Problems and delays in execution of the project did not allow Natfood to start timely repayments of the BSTDB loan. Accoding to The Black Sea Trade and Development Bank, the restructuring would allow the Company to complete installing its meat processing lines and to start the production process. The restructured facility also involves the European Bank for Reconstruction and Development and VTB-Armenia.
“BSTDB continues to support businesses that are essential for Armenia’s sustainable growth. The Bank believes that the agreed loan restructuring and additional financing will enable Natfood to successfully complete the project. We are glad that our joint efforts with the Company supported by EBRD and VTB-Armenia helped to find a solution which we believe will bring positive results”, said Andrey Kondakov, BSTDB President at the siognign ceremony.
"With this financing, BSTDB has demonstrated its support for Armenian business, even in a difficult situation. BSTDB, along with EBRD and VTB-Armenia are helping Natfood to go through difficult times, and we are sure all problems will be resolved and the banks made good investment in our business. said Henrikh Zakharyantz, Natfood majority shareholder.
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