VTB Bank has provided a three year, $18.5 million guarantee to the Nizhny Novgorod-based engineering company NIIK for the fulfillment of its contract to build a fertilizer plant in Russia's Tatarstan republic.
NIIK is the Russian general contractor on the project to build the ammonium plant, a joint project with Japan's Mitsubishi Heavy Industries and Sojitz Corporation, and China National Chemical Engineering Co. The project is co-financed by Tatarstan's government.
"VTB is always interested in taking part in high-tech and innovative projects. By helping to build a cutting-edge fertilizer production facility, the bank is contributing to the development of Russia's chemical and agricultural sectors," Mikhail Oseevskiy, the deputy president and chairman of VTB Bank's management board, said.
NIIK also engages in research and development and develops innovative solutions for the nitrogen industry. The company is active in Russia and the CIS, in Western, Central and South Asia, and the Middle East. It is a member of Arab, Indian and international associations of fertilizer producers.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme