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EuroChem – ECA financing
02 March 2011
ECIC breaks new ground in Russia
This deal stood out immediately as we do not often see trade flows between South Africa and Russia. As both countries are mineral rich there is no reason why we will not see more deals in this vein in the future. This is also the debut export credit financing for Russia’s EuroChem underlining the use of ECA solutions by a broader range of corporates.
There are a number of market firsts from the perspectives of both EuroChem and South Africa’s export credit agency, ECIC. As a result the advisory work by Barclays Capital was a significant achievement with a lot of preparatory work necessary to determine whether a transaction could be closed that was conducive to both parties’ goals and objectives.
Richard Wilkins, director at Barclays Capital, recalls: “EuroChem had initially approached a number of banks and the message received was that an ECIC-backed deal of this size in Russia...
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