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Russia's rising stars build overseas business
01 November 2004
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export
finance
trade
trade finance
forfaiting
A $120 million package of loans and guarantees that helped Power Machines (Silovye Mashiny) win a contract to supply power generation units to India is just the start of Vneshtorgbank's programme to boost Russian equipment exporters.
The bank also points to its smaller groundbreaking deal tied up this month with London Forfaiting Company (LFC), to finance Kazakh purchases of Russian tractors, as evidence of its determination to fill the gap left by Russia's lack of an export credit agency.
Russia's Power Machines beat off competition from Alstom, Marubeni-Toshiba and other industry heavyweights earlier this year to land a $250 million contract to supply three 660MW power units to the National Thermal Power Corporation of India for stage one of the Sipat Super Thermal Power Project at Bilaspur, Chattisgarh state.
To support Power Machines' bid, Vneshtorgbank issued $70 million worth of performance bonds, warranties and advance payment guarantees for...
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