Source Pravda.Ru

Sberbank to grant credit of $49m to RUSAL

In line with the general cooperation agreement that was made by Sberbank of Russia and Russian Aluminum (RUSAL), the parties signed an agreement about a long-term investment credit. According to the conditions of this credit agreement, the amount of funds provided by the bank will be $49m for the term of five years. This is the first long-term investment credit provided for RUSAL, according to the joint statement released by Sberbank and the Russian aluminum giant. The purpose of the credit is financing investment programs along with the technical update of two of RUSAL's aluminum plants located in the cities of Bratsk and Krasnoyarsk. Additionally, Sberbank is currently considering the possibility of granting a credit to RUSAL to finance investment programs of its Sayanogorsk aluminum plant. The annual investment budget of RUSAL's branches is around $200m.

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&to=http://www.sbrf.ru/eng' target=_blank>SBERBANK

&to=http://www.rual.ru/rual/index.jsp#' target=_blank>RUSAL

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