Silovye Mashiny Corp. (Power Machines) has signed an agreement with the European Bank for Reconstruction and Development on a $35 million loan request to finance export contracts of Silovye Mashiny.

The second credit line contract on $46.5 million is expected to be signed in January 2004. The corresponding resources are meant for technical re-equipment and new machinery acquisition for Silovye Mashiny allied enterprises such as Leningradsky Metallichesky Zavod Co. (Leningrad Metallurgical Works), Elektrosila Co. and Zavod Turbinnyh Lopatok Co. (Turbine Blade Works).

News source: www.dp.ru
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