Bank VTB North-West issued an uncovered import letter of credit for French supplier Air Liquide Engineering at the request of Dorogobuzh. The terms of the letter of credit call for repayment over 60 months.
This transaction is part of Acron Group’s investment programme to purchase imported equipment for over USD 300 mn in 2011-2014. It is also the first step in trade financing cooperation between VTB Group and Acron Group, to include loans covered by leading export credit agencies.
At present, the parties are in the process of coordinating and finalising a master trade agreement for Acron Group’s trade financing operations.