OREANDA-NEWS. October 4, 2011. State corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and the club of foreign banks, including Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd., J.P. Morgan Limited and Citi signed a USUSD 500.0 million commercial loan agreement with a 5-year repayment tenor.

The agreement was concluded with the aim to finance the project on construction of an integrated plant to produce ammonia, methanol and carbamide in the city of Mendeleevsk, Tatarstan Republic. The project is implemented by OJSC “Ammonii”.

Earlier, during the XVth Petersburg International Economic Forum, Vnesheconombank concluded a loan agreement with the Japan Bank for International Cooperation (JBIC) for USUSD 1.0 billion with a 14.5-year repayment tenor to finance supplies of equipment and services provided under the project by a consortium comprising such Japanese companies as Mitsubishi Heavy Industries, Ltd. and Sojitz Corporation, as well as China National Chemical Engineering Corporation.

Vnesheconombank’s participation in financing the project was approved by the Bank’s Supervisory Board.