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Business news, 06.01.2004 14:51

Silovye Mashiny Corp. borrowed $35 million from EBRD

European Bank for Reconstruction and Development 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).

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