OREANDA-NEWS. November 23, 2007. ING Wholesale Banking (legal name ING Bank N.V.) and Russian Bank for Development (OJSC ”RBD”) have signed a loan facility agreement amounting to RUB 4 bn, reported the press-centre of ING Bank.
 
This 2-year financing deal is granted at 8.325% per annum; interest to be paid quarterly.
 
The facility will be disbursed in tranches. First RUB 2,5 bn tranche will be disbursed on 23 November 2007. Subsequent tranches can be drawn down at any time during the next 3 months.
 
According to Sergey Kryukov, RBD’s Chairman of the Board, "raised funds will be used to finance the Bank’s projects, including the financing of small and medium sized enterprises within the State Corporation “Bank for Development and Foreign Economic Affaires” (Vnesheconombank)”.
 
"Despite the global credit crisis, the market is still open for sub-sovereign borrowers, like RBD", noted Niall Carton, Managing Director at ING Wholesale Banking.
 
It’s worthwhile to notice, that a similar agreement amounting to RUB 2.5 bn and guaranteed by the Government of the Russian Federation has been concluded between ING Wholesale Banking and Russian Bank for Development in March 2005. The loan has been repaid in full in December 2006.