Information for fruit and vegetables business in CIS
Bank Aval opened a $15.5 mln credit to Grain Trading Company
Bank Aval has opened a standby letter of credit for the sum of $15.5 million to Grain Trading Company Ltd (Zernotorgovaya Kompaniya), the press-service of Bank Aval informed Wednesday with reference to its Deputy Head of Board Serhiy Vovchenko.
The company will use the credit for funding export operations with grains, oilseed crops and the processing products.
According to Vovchenko, the credit is opened for one-year term and serves as a security under the agreement, earlier concluded between Grain Trading Company and US-based international trader Cargill. The confirming bank under the deal is Citibank (USA). Amount of the commission is not disclosed.
Vovchenko said: "The standby letter of credit, opened to Grain Trading Company is a novelty for Ukrainian market in terms of the funding scheme, and is the largest in the amount of funds per one creditor".
The holding Grain Trading Company is one of the most substantial player of Ukrainian grain and oilseeds market.