Bank International Financial Club (IFC) will open Obuv Rossii LLC a credit line with a limit of RUB 980 million for a period until December 2019.
According to Interfax, the loan is provided against government guarantees and will be used to implement a project to create a shoe factory in Cherkessk.
“The loan is large, so we would not have received it without the state guarantee. On December 30, the Ministry of Finance of the Russian Federation signed an agreement on the provision of state guarantees for the implementation of the investment project, ”said a company representative.
Let us remind you that Obuv Rossii plans to create a modern shoe production in Cherkessk with a capacity of 1 million pairs of shoes per year. The volume of investments is 1,4 billion rubles, commissioning is planned for 2014. The footwear will be produced under the Westfalika brand and sold in the Obuv Rossii chain, which has more than 250 stores in over 80 Russian cities.