Far East | Industry, manufacturing

United Shipbuilding Corporation to take out $1bn in loans with VEB and Sberbank

24 Nov '10
The United Shipbuilding Corporation has announced plans to take out $1bn in loans with Vnesheconombank (VEB) and Sberbank.

The funds are reportedly to be loaned for ten years, the interest rate has yet to be disclosed.

Under plans, the raised funds are to be invested into construction of shipyards Zvezda-DSME and Vostok-Raffles in Primorsky region.

Zvezda-DSME shipyard is a JV with South-Koreas Daewoo Shipbuilding & Marine Engineering Co., and Vostok-Raffles is being built jointly with Singapores Yantai Raffles Shipyard Ltd.
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Locations: Primorsky Krai

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