JSC EXIMBANK OF RUSSIA and JSC “Sredneuralsk Copper Smelter” have signed a credit facility of 10 bln RUB under the Cooperation Program of Russian Export Center Group (REС) and UMMC Group

JSC EXIMBANK OF RUSSIA, a banking financing vehicle of REС Group, has provided a pre-export financing facility in a form of a revolving credit line, up to 10 bln RUB, to JSC “Sredneuralsk Copper Smelter” (JSC “SUMZ) being a part of UMMC Group.

The financial solution offered by REС Group is to assist in financing costs required to boost export activities. Export sales play a great role in UMMC Group activities and that enables the company to consider the full range of services offered by JSC EXIMBANK OF RUSSIA and JSC EXIAR.

“REC Group keeps on expanding the cooperation with the metals industry of which JSC “SUMZ” (a part of UMMC Group) is an integral part. Financing export operations is always facing increased risks especially under the current conditions. Having said that, we do realize that pre-export financing allows companies to reallocate and exploit their resources more efficiently, channeling them, for example, into improving their production assets and technologies, boosting R&D activities and developing new goods. Thus, pre-export financing is not just a credit product but rather a strategic cooperation between the lender and the borrower. Cooperation with UMMC Group as a top-tier borrower fully fits into our strategy of developing and expanding partnerships with the key industry players”, said Nikita Gusakov, the Senior Vice-President of JSC REC Group.