Russian state corporation bank for development and foreign economic affairs Vneshekonombank (VEB) has announced that its supervisory board has approved the lending of a total of $1.5 billion to be used to refinance the foreign loans of a domestic company in the mining and metallurgical sector, the operations of which company are of great socio-economic importance to the Russian Federation. The name of the enterprise in question has not been disclosed.
The Russian government has allocated $50 billion to VEB to help domestic companies to refinance their foreign loans. So far VEB has lent a total of $9.1 billion in credits.
As SteelOrbis previously reported, in November 2008 Russian mining and steel producer Evraz Group secured $1.8 billion in credits from VEB.