Sberbank supported by REC provides trade finance to ChelPipe Group
- Financing amounted at RUB 5 bln
- Deal should let company increase export volume
February 14, 2020, Moscow — Sberbank with backing from Russian Export Center (REC) has provided ChelPipe Group with trade finance totaling RUB 5 bln under long-term export contracts of the group’s enterprises Chelyabinsk Pipe Rolling Plant and Pervouralsk New Pipe Plant.
The deal became one of the first and largest ones under the mechanism for supporting Russian non-resource-based export, which was approved by the government of Russia in 2019. It will enable ChelPipe Group to fulfill its financial needs and increase export volume.
Anatoly Popov, Deputy Chairman of the Executive Board, Sberbank,
“One of the main challenges of the Russian economy is export diversification. Last year, Russia developed a mechanism to support its local non-resource-based export, and Sberbank helps with its implementation pro-actively. We are glad to provide ChelPipe Group, one of the leaders in the Russian pipe product market, with financing to deliver its products to near and far-abroad countries.”
Valery Borisov, CFO, ChelPipe Group,
“ChelPipe Group attracts relevant financial tools when working with export orders. Sberbank is a reliable partner for the company when it comes to supporting international deals, and REC’s assistance to ChelPipe Group is an important step to reach the company’s strategic goal to maintain its export share at above 25% of revenues.”