VEB.RF’s supervisory board approves support of Acron’s project

GORKI, Moscow Region, Dec 13 (PRIME) -- The supervisory board of Russian state development corporation VEB.RF has approved financing of a potassium and magnesium salts deposit of fertilizer producer Acron, CEO Igor Shuvalov told reporters on Friday.

“Today, a deal was approved to support Acron’s project for development of a new potassium field. Acron has been trying to launch the project for several years. And only we and the project financing factory in cooperation with the largest commercial banks managed to create it in the form of a syndicate that was approved by all commercial banks, it was approved by the supervisory board today,” Shuvalov said.

Prime Minister Dmitry Medvedev said that the board planned to discuss an adjusted financing plan for Acron’s project, under which a syndicate of five banks – VEB.RF, Gazprombank, VTB Bank, Sberbank, and Otkritie Financial Corporation Bank – will provide 76 billion rubles to the company. VEB.RF’s share in the syndicate is 42 billion rubles, and the project’s total cost is 163 billion rubles.

(63.2257 rubles – U.S. $1)

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