Industry development fund to give Mechel 300 mln rbl loan

MOSCOW, Apr 17 (PRIME) -- Russia’s state industry development fund has approved providing metals producer Mechel with a 300 million ruble loan to organize exports of rails and bolsters to Europe, a fund official told PRIME on Monday.

“The expert council of the fund has approved provision of money to a 1.52 billion ruble Mechel project. The loan agreement has not been signed yet, the company needs to provide additional documents. It can take from several weeks to several months but a principal decision on the issue has been made,” the official said.

He said that the fund’s rules envisage loans of up to five years at 5%.

A Mechel representative said that the project is to be fulfilled in April–June 2019 and that annual supply will amount to 300,000 tonnes.

(56.2945 rubles – U.S. $1)

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