$2.4 Billion in loans approved for major projects to limit impact of global credit crunch
Published: 16 September, 2008, 10:08
The Russian government will pump $2.4 Billion in loans to Russian industry, through Vnesheconombank, as the global credit crunch reduces international financing to a trickle.
Prime Minister Vladimir Putin approved the cash injection, at a meeting with Finance Minister Alexei Kudrin and supervisors of the state development bank.
Amongst the key projects which will receive funding will include the $750 million ski resorts being built near Sochi for the 2014 Winter Olympics, by Vladimir Potanin’s Rosa Khutor, a $330 million plant near Ulyanovsk to build light aircraft, a $370 million plant improvement project for VSMPO-Avisma, the worlds largest titanium producer, and a $350 million ammonia plant in Tatarstan being built by Amonii.
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Russian stock exchanges suspend trade due to panic sellingRussia’s major stock exchanges, the RTS and Micex have suspended all trade after a panic driven wave of selling saw the Micex lose more than 16% and the RTS lose more than 11%. |
