OREANDA-NEWS. Sberbank CIB has organised RUB 7.6 bln of financing for Miratorg Argibusiness Holding for 1 year. The credit facility will be used to replenish the working capital of the Holding's companies.

Vadim Kotenko, Vice President for Finance at Miratorg ABH, commented: "It is important for Miratorg that funds are provided rapidly and the lending process is transparent and predictable. This deal was completed very quickly: there were around 3-4 weeks between the moment that we requested financing and when the funds were credited to our account. We are very pleased that the Sberbank team focuses its efforts on quickly finding solutions for Miratorg and works efficiently despite the challenging economic situation."

Igor Firsov, Director, Corporate Clients Coverage, Food Industry & Trade Unit, Client Management Department, Sberbank CIB, commented: "Miratorg ABH is a strategic partner of the Bank. When financing a company where seasonal factor plays a role it is very important that credit products are provided on time and take into account the high-quality expertise that the Bank applies to clients' credit requests. We hope that the service provided by Sberbank and its corporate and investment banking arm Sberbank CIB will help take our relationship with Miratorg ABH to a new level and enable the Holding to execute new major projects."

Founded in 1995, Miratorg Agribusiness Holding is the leading producer of pork and beef in Russia, and is first among the sector in terms of revenue and profitability of sales. The company, which has a vertically integrated structure, performs a full production cycle, from growing crops and producing meat to processing and selling its products at the company's chain of stores.