The Bank Obtains A Government Guarantee of the Russian Federation
The US$ 180m government guarantee will be valid for 12 years and wills secure repayment of the principal amount and payment of interest on a US$ 123.3m loan issued in April this year under a relevant agreement between a syndicate of Russian banks and Ecuadorian Hidrotoapi.** Eximbank of Russia acted as the loan arranger and paying agent.
The decision of the Russian Government to provide the government guarantee is a pre-requisite for the loan transaction aimed at financing the respective contract implemented by Inter RAO UES.
Implementation of the Toachi-Pilaton project will contribute to bolstering knowledge-intensive production in Russia, promotion of exports of Russian industrial products to Latin American countries and development of economic, research and trade relations between the Russian Federation and the Republic of Ecuador.