Russia: Avangard Bank has allocated 1 million euros to purchase the first 6,000 tons of Danish barley for its malt-house in Moscow Region, the bank said. A letter of credit worth 1 mln euros was opened for Nidera Handels Compagnie BV (Holland) and confirmed by American Express Bank GmbH (Germany). Payment delay is 8 months. Avangard Bank is currently financing construction of 3 malt-houses - in Moscow, Voronezh and Orlov regions.

19 December, 2003