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FEBUARY 1
Russian Banks Engaged in the Gold Extraction Program Launched by European Bank for Reconstuction and Development Refuse From Participation in the Project in 2001
"Golden" Project was launched in 2000. European Bank shared risks with Standard Bank (London) and Zenit (Russia).
Within a context of 3 year term project it credited Russian miners with $3.6 mln, intending to invest 50 mln in 2001.
However, according to "Kommersant", most of Russian banks refused from the investment (Zenit, NIKoil, Avantgarde, Lanta Bank, Investing Bank Corporation and NOMOS-Bank). The main point of the project was involving Russian banks in the investment. Firstly, it determines the ones who receive money. Secondly, the money from the foreign bank go directly to the miners accounts opened in this bank. Finally it determines the bank exporting.
According to Kirill Minovalov the President of Avantgarde bank there are two reasons that makes the cooperation with European Bank for Reconstruction and Development: the interest rate (more than 11%) is not attractive and the banks risk too much.
The miners still feel reluctant about the project even though the interest rate is lowered compared to the last year. "The scheme is not convenient", Kommersant was told in one of the artels.
Source: Finmarket
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