27 May 2019 11:59

Bank Saint Petersburg to give Sodrugestvo $120-mln loan

SAINT PETERSBURG. May 27 (Interfax) - Bank Saint Petersburg will provide a $120-million loan maturing in a year and a half to the Sodrugestvo Group in 2019, the bank said.

The interest rate has not been disclosed. The group is taking out the loan with the goal of increasing Russian agricultural export volumes. The deal will receive state support in the form of loan insurance from the Russian Agency for Export Credit and Investment Insurance (EXIAR) equal to 90% of the amount of the loan, as well as through a subsidy of the Russian Export Center issued to the bank under the state program for supporting non-resource exports.