RUSSIA: Bank loan props up bottle maker Anadolu Cam
The European Bank for Reconstruction & Development (EBRD) is to lend Russia's largest glass bottle manufacturer RUB460m (EUR12m) to help reduce its foreign exchange exposure on maturing debts.
The three-year loan will help Ruscam, a subsidiary of Turkey's Anadolu Cam group, maintain solid finances following a 10% drop in volume sales on Russia's beer market in 2009 and amid projections of a similar decline in 2010.
The EBRD's director for agribusiness Gilles Mettetal said: "One of the EBRD's priorities since the crisis is to encourage local currency borrowing where it makes sense, in order to help customers avoid foreign exchange risks."
A bank memorandum said that Russia's "glass packaging industry was seriously hit" by the fall in demand from brewers.
Sectors: Beer & cider
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