The Ural Bank for Reconstruction and Development (UBRD) and Kluchevskiy Ferroalloys Plant (KFP,) a company within the MidUral Group, agreed to a loan equaling $5,000,000.
This loan, announced Tuesday, brings the credit line up to a total of $20 million to be used as working capital. The bank has worked with other entities in the group since 2010. The group has benefited from credit lines, leasing agreements and favorable tax agreements.
MidUral Group companies focus on producing ferroalloys, which are largely iron and other metals such as magnesium, for the use of special metallurgy. KFP is the only one of its kind in Russia producing ferroalloys and master alloys for industrial uses.
The loan agreements were signed during the International Industrial Exhibition, "Innoprom 2014."