The international finance journal Global Trade Review called GAZPROM’s deal to finance the supply of process equipment and to build a plant of fluted board and corrugated packaging in the Dmitrovsky district of the Moscow Region the best deal of 2006, the bank’s press service said. For the project, GAZPROMBANK organized a mid-term credit from KOMERCNI BANKA A. S. (Czech Republic) worth E16.9 million against the insurance cover from the Czech national export-insurance agency EGAP, because the Czech building company UNISTAV A. S. was the master contract for plant construction. The overall term of the credit is 6.5 years. The complexity of deal implementation was due to the fact that equipment for the new plant was manufactured by companies from several foreign countries such as Germany, France, Switzerland, Austria and Taiwan. Under these circumstances GAZPROMBANK agreed with the Czech bank and EGAP the procedure of re-insuring some of the risks through appropriate national export-insurance agencies.
Source: NOVECON, March 2, 2007
