The Bank of Moscow has extended a new credit facility of $32 billion to the Interskol Group, a leading Russian developer, manufacturer and seller of power tools.
The credit is available for up to seven years for the purpose of financing the construction of a power tools manufacturing factory in the Elabuga special economic zone in the Tatar Republic.
Interskol currently has a credit facility from the bank of $25 million in working capital for a period of two years.
"The timely and steady financial support from the Bank of Moscow allows us to build our relations with contractors efficiently and to develop our business," Sergey Nazarov, the chairman of the board of Interskol, said. "We take pride in our partnership with such a market leader as Interskol," Evgeny Monin, director of corporate sales at the Bank of Moscow, said. "We are glad that our bank supports our clients' enhancement of opportunities and development of business."
Interskol, which was established in 1991, holds 20 percent of the Russian power tools market.
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