Saturday, August 19, 2017

SME Bank grants loan to Nomos Bank for woodworking complex in Kirov

Last week, SME Bank--part of the Vnesheconombank Group--granted Nomos Bank a state guarantee loan for the financing of a woodworking complex in the Kirov region town of Omutninsk.

The project will cost a total of $13.2 million; SME Bank financed Nomos Bank with $4.42 million. The bank will get the funds at a rate of 10.9 percent per annum. Nomos Bank, itself, will finance the project with $7.43 million and a guaranteed amount of $3.72 million.

The project will establish a modern enterprise that will use high-tech equipment to produce plywood branch birch veneer using several varieties of face layer and an average water resistance. The project will provide the region and town of Omutninsk with around 380 new jobs.