Russia's Samara Oblast gets 1.13 billion rubles in export financing

By Reshmi Basu

New York, July 12 - Russian province Samara Oblast has received 1.13 billion rubles ($41 million equivalent) in 12-year export financing, according to a release by Deutsche Bank.

The financing supports the export of high-tech medical equipment to Samara Oncology Center from New York-based ACD Research Inc. Samara Oblast is located 600 miles southeast of Moscow.

Deutsche Bank acted as advisor to Samara Oblast. The U.S. government, through its Overseas Private Investment Corp. (OPIC), provided political risk insurance on the transaction.

"The foreign exchange and devaluation risks are fully managed and covered in the structure, which permits export financing in virtually any freely convertible local currency as well as for a broad group of new and yet untapped sub-sovereign borrowers," said Stephen Atallah, U.S. head of structured trade and export finance at Deutsche Bank, in the release.

"Local currency finance is often critical for such borrowers that cannot legally or easily borrow in foreign currencies, as is the case throughout Russia and many developing countries," he added.

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