The Bank for Development and Foreign Trade (Vneshekonombank) and HSBC Bank plc. (UK) signed a loan agreement at 2013 Saint Petersburg International Economic Forum.
The agreement was signed by Vladimir Dmitriev, Vneshekonombank Chairman of the Board, and Spencer Lake, Chairman, Global Markets, HSBC Group.
Pursuant to the agreement HSBC is to provide extra funds to Vneshekonombank (up to EUR 25.2 million in Russian rubles) to finance the construction of a concrete plant in Kaluga Region. The project is being implemented by Kaluga Concrete Plant OOO. The funds are to be provided for a period of up to 8.5 years. The transaction has been secured by EksportKreditFonden, Danish export insurance agency.
The agreement is to promote the development of hi-tech production facilities and assists in new jobs creation. Apart from that more taxes will be paid to various budgets.