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Sunday, January 21, 2018

VTB lends $25.5 million to Monocrystal

Russia's VTB Bank has approved an eight-year credit facility worth $25.5 million for Monocrystal, a world leader in the production of synthetic sapphires.

The company will use the funds to implement an investment program aimed at increasing the number of its sapphire growing furnaces.

"VTB has offered us loan terms that meet our long-term development strategy. Our goal is to become the technological leader in our sector and to continue to meet the requirements of our clients, which are the world's largest high-tech companies. This cannot be achieved without investment. The long-term loan provided by our partner will definitely help us to achieve this goal," Vladimir Polyakov, the president of the Energomera Group and the board chairman at Monocrystal, said.

Monocrystal's products are used to produce high-tech equipment, including smartphones and tablet computers.

"Monocrystal is a unique innovative Russian company, and one of the world's top three producers of synthetic sapphires. It is an honor to serve as a financial partner of Monocrystal. We are confident that the credit facility that we have approved for it will help it to strengthen its leading positions on the global market," Viktor Kuzmenko, the head of VTB in the North Caucasus Federal District, said.