OREANDA-NEWS. May 18, 2012. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, HSBC Bank Plc (HSBC) and Australia’s Export Finance and Insurance Corporation (EFIC) signed and individual credit agreement to further fund a project to build an industrial complex to raise highly productive cattle meat breeds and to initially process meat in the Bryansk region. The project is being implemented by the Bryansk Meat Company (LLC).

Under the agreement HSBC is to provide Vnesheconombank with credit resources worth 47.5 million US dollars to fund contracts of the Bryansk Meat Company (LLC) with a number of Australian exporters of cattle in 2012-2013 against insurance coverage of Australia’s Export Finance and Insurance Company (EFIC) for a period of up to 10 years.

This credit agreement is the second agreement signed by Vnesheconombank with HSBC and EFIC to implement the project in the Bryansk region. The first agreement was concluded in August of 2011, its current value is 42.34 million US dollars.

HSBC Bank Plc (HSBC) is part of the HSBC Group, which is a holding company comprising banks, insurance and investment structures. In Great Britain, HSBC ranks 2nd in terms of the total assets. The HSBC Group has an extensive network of branches and subsidiaries abroad, including OOO HSBC Bank (RR). In Russia, HSBC offers a wide range of corporate and investment banking products to companies and financial institutions.

Export Finance and Insurance Corporation (EFIC) is Australia’s state-owned export credit agency, whose goal is to support  Australian producers and exporters in global markets.