OREANDA-NEWS. September 12, 2011. SME Bank (Vnesheconombank Group), Bank Obrazovanie and Russian Mountain Pumping Company (the Tula Region) started to finance a project of modernization of mining and pumping equipment production in the Tula Region, reported the press-centre of SME Bank.    

Russian Mountain Pumping Company (RMPC) has raised funds from the Bank Obrazovanie. The loan was allocated under the SME Bank Program “Financing for Innovations and Modernization” in the amount of RUB 115 million with a 6-years maturity. The total financing requirement is RUB 137 million, 22 million of which RMPC will invest out of own sources. 

Russian Mountain Pumping Company intends to use the funds for purchase of new high-tech equipment for production of steel and iron castings as well as for machinery modernization.

It is anticipated that the productivity will increase twofold, energy consumption will be reduced by 15% and use of modern equipment will make the plant more environmentally friendly.

SME Bank Program “Financing for Innovations and Modernization” is earmarked for providing accessible and long-term resources to SMEs involved in innovative and modernization projects in various industries.