Banks guarantee credit for restructuring

42 Russian financial institutions have been included in a list of credit guarantors granting credit in connection with the Enterprise Restructuring Assistance Project (PSRP). Among the banks participating in this project are three from St. Petersburg: PSB

<BR>42 Russian financial institutions have been included in a list of credit guarantors granting credit in connection with the Enterprise Restructuring Assistance Project (PSRP). Among the banks participating in this project are three from St. Petersburg: PSB, Sankt-Peterburg and Petrovsky. The project is aimed at supporting the process of restructuring approximately 250 large to medium-sized privatized companies in Russia. The companies may use the credit to acquire professional restructuring consultation. Capital from the World Bank totaling $85 million will be used as the primary source of credit. An enterprise receiving a loan will be required to give a bank guarantee of no less than 50% of its sum and interest during the loan period. DP has been informed that two large Petersburg-based companies (one of which is Izhorsky Plant) are actively preparing to receive PSRP credit.