Progress borrows $165m from Sberbank | Volga, Finance, business

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Progress borrows $165m from Sberbank

24 Apr '09
Arsenyev-based aircraft-building company Progress, Primorsky Region, expects to secure $165m worth of long-term credit from Sberbank, the firm reported today.

The line of credit will be reportedly opened through December 2012 at interest rates varying between an initial 17.25% and 25%.

The company is borrowing to carry out contract with the Russian Ministry of Defense signed in 2007, Progress said.