Sberbank to issue over 23 bln rbl financing for projects of UMMC

MOSCOW, Jul 8 (PRIME) -- Russia’s top bank Sberbank plans to issue more than 23 billion rubles of financing for Ural Mining and Metallurgical Company’s (UMMC) largest projects, UMMC said in a statement on Monday.

“Sberbank will issue a more than 23 billion ruble financing for the largest projects of Ural Mining and Metallurgical Company. Under the agreements, 20 billion rubles will be spent on improvement of UVVC’s mineral resource base and on ensuring of the holding’s current operations,” the company said.

Under the deals, the bank will also provide a 3 billion ruble financing for construction of three residential housing estates in the city of Yekaterinburg by the constructions division of UMMC Group, the company said.

(63.5841 rubles – U.S. $1)

End