VTB Bank has signed an agreement with Novoroscement, the largest cement producer in southern Russia, to provide a RUB920m (US$29m) credit line to finance the company’s current operations.
“The borrowed finds will be used to finance the current activities of the enterprise,” VTB said.
The bank declined to disclose the maturity and terms of the credit line.
Novoroscement has three cement plants in the Krasnodar Region with a combined capacity of over 4Mta of cement.
VTB and Novoroscement are planning to further develop their cooperation, involving a range of banking products which will help the cement company to do business as efficiently as possible.