The FINANCIAL — JSC VTB Bank provided financing to Russian Forest Products Group.Chaba Zentai, Senior Vice President of JSC VTB Bank, and Zare Arutyunyan, President of RFP Group, signed a USD 11 million loan agreement, according to VTB Bank.
The funds were supplied within a RUB 3 billion documentary credit limit set for the holding.
The limit provides for a mid-term financing of the company’s current operations and capital investments, including equipment procurement for logging operators and vessels purchase and modernization. VTB allowed for the guarantees to be issued in favor of tax authorities, as well as forfeiting transactions.
Since 1995, VTB has been rendering a wide range of services to the holding, such as lending, depositing, issuing import and export letters of credit and guarantees, performing FX operations and foreign exchange control.