Sberbank of Russia has confirmed information that the bank had provided a $376 million financing to the State Road Service of Ukraine (Ukravtodor).
"Sberbank and Ukravtodor are considering the deal as an important step in cooperation between Russian and Ukrainian companies. Being the largest bank in Central and Eastern Europe, Sberbank is considering the international direction as an important part of its development strategy," the bank’s press service said, citing Deputy Board Chairman of Sberbank of Russia, Andrei Donskikh.
The press service did not disclose the period, which the loan was issued for, adding that the loan is a long-term one.
The press service of Ukravtodor told Interfax-Ukraine that the funds were issued for five years.
"The loan was taken at the most favorable rate that exists today and it would not change under the impact of some economic and financial factors in today’s global capital markets due to expectations of a next wave of financial turmoil and possible defaults in some countries by investors," the Ukravtodor’s press service said.
The bank said that Ukravtodor has obtained a first tranche of the financing package. Sberbank did not disclose the size of the tranche, adding that it is a larger part of the credit.
Earlier it was reported, referring to a well-informed source, that Ukravtodor has raised a government-secured $376 million loan from Sberbank of Russia to reconstruct and build roads, including ones that are to be repaired ahead of the Euro 2012 European football championship.
