25 May 2004 11:20
Commerzbank lends Avangard bank 6.8 mln to buy malt-house equipment
MOSCOW. May 25 (Interfax) - Germany's Commerzbank extended a five- year, 6.8-million euro loan to Russia's
Avangard Bank to purchase equipment for a malt-house in the Oryol region, a bank press release says.
Germany's Hermes export insurance agency will guarantee the loan to buy equipment from Germany's
Buhler.
Avangard planned to invest $105 million - $110 million in the construction of three malt-houses in the Moscow,
Voronezh and Oryol regions. The bank set up the company Avangard-Agro for the production of brewers' barley.
Russkiy Solod, another subsidiary of Avangard Bank, will build the malt-houses.
Once all three malt-houses achieve projected capacity, Russkiy Solod expects to control 30% of the Russian malt
market, which is about 1 million tonnes.
The first plant, which opened in Moscow region in summer 2003, has achieved projected capacity of 100,000 tonnes of
malt a year. The second plant in Voronezh region will soon begin operations and construction of the third plant in Oryol
region is expected to be finished by the end of 2004. [RU ASIA EUROPE EEU EMRG DE WEU LOA BNK BEV INS CON RESF CORA RES]
RM PR
[Interfax] |
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