Sberbank to additionally provide $1 billion to finance completion of ships being built under Phase 1 of investment quotas programme

That is connected with redesigning of ships and delays in construction completion

Sberbank estimates additional credit financing for completion of ships being built under Phase 1 of investment quotas programme at $1 billion, IAA PortNews correspondent cites Vladimir Sitnov, Senior Vice President, Sberbank, as saying at the Global Fishery Forum plenary session ‘Smart fishing: research, catching, processing’.

“We are still to do a lot, not in the run up to the second phase of investment quotas programme, but for finalization of the first phase. We are to provide additional financing. In general, we estimate that market at $1 billion needed for completion of the projects which are obviously postponed now,” he said.

With that, the share of Sberbank in financing of the programme’s first phase will make 85%, said Vladimir Sitnov adding that Sberbank is ready to take part in the second phase of investment quotas programme.