VTB Bank announced last week that it would grant a $15.9 million line of credit to vegetable oil producer, Chishminskoye.
The company, based in Kopeisk in the Chelyabinsk Region, is one of the largest of its kind in Siberia and the Ural region. Processing seeds for the manufacturing of oil, it was incorporated into Sigma Agricultural Holding Company in August 2006.
The one-year line of credit will allow for the purchase of necessary materials and equipment to continue production.
"Supporting Russian agricultural producers promotes the development of the food industry," Mikhail Oseevskiy, deputy president and chairman of VTB Bank's management board, said on Thursday. "Despite the challenging economic situation, VTB is not planning to cut lending to non-financial sectors. By the beginning of November, the bank’s regional branch network had grown its credit portfolio to medium-sized businesses by 49 percent year-on-year."