FESCO to receive $100m loan for investment programme

FESCO and the European Bank for Reconstruction and Development (EBRD) have signed a US$100m loan agreement to support FESCO’s infrastructure investments.

The new seven-year loan facility is provided by the EBRD to finance FESCO’s strategic investment programme which is aimed at further boosting the Group’s infrastructure and container logistics capacity.

The company plans to use the loan to invest in the development and retrofitting of its Vladivostok Commercial Sea Port (VCSP) in order to improve its operational efficiency and throughput, focusing on high value-added and cleaner types of cargo, with the emphasis on containers.

Yury Gilts, FESCO Vice-President and Chief Financial Officer, said: "EBRD is a long-standing partner of FESCO and is well known for its adherence to promotion of better operational standards and higher efficiency across many industries, including transportation and infrastructure. The new facility will enable us to implement our plans to turn VCSP into a modern, environmentally friendly large-scale gateway servicing growing volumes of bilateral trade between Russia and Asia Pacific countries, while at the same time continuing to play an important role in transportation connectivity of the Russian Far-East."

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