Eximbank of Russia (part of the Russian Export Centre Group) and PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, have signed an 18-month loan agreement for RUB 3 billion.
PhosAgro CEO Andrey Guryev said, “This loan agreement will enable us to strengthen the flexibility of our sales and improve PhosAgro’s competitive advantages in the global fertilizer market, as well as the turnover of our financing resources. We have reached an agreement on exceptionally attractive terms, which once again proves that PhosAgro is considered a first-class borrower by both foreign and Russian banks.”
The decision to lend to PhosAgro was taken as part of Russia’s state programme to support high-tech exports.
Eximbank of Russia Management Board Chairman Dmitry Golovanov said: “Providing financing to foreign buyers, which is the classic service provided by Exim banks worldwide, is very popular among Eximbank of Russia’s clients. We seek to expand the export potential of Russian companies, taking into account the individual characteristics of each business and its foreign counterparties. Our partners at PhosAgro have an impressive track record on international markets and have a good understanding of export financing instruments, which enabled us to complete the signing of this deal very quickly.”