European Banks to fund Russian power grid

Nov 22, 2001 01:00 AM

A consortium of European banks, headed by the European Bank for Reconstruction and Development (EBRD), will grant a credit of $ 100 mm to the Unified Energy System (UES) of Russia joint-stock company, Anatoly Chubais, Chairman of the UES Board announced. The UES chief referred to the prospective credit as "very important", since it is "in direct linkage with the nascent restructuring and liberalization of the electric power market" in Russia.

Chubais said that "bankers who became participants in the consortium say that they are ready for financial investments subsequently as well if restructuring in Russia proceeds correctly in accordance with decisions taken and would not result in some conflicts". If restructuring proceeds properly, the UES chief pointed out, "a greater part of consortium banks would go to additional amounts of crediting, exceeding their contribution to the consortium tens of times over".
Chubais said the UES intends to present "specific calculated business projects to potential investors and partners already in four to five months' time".

Source: BBC
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