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Commerzbank has signed a one-year US$20mn bilateral structured gold pre-export finance facility for MDM Bank, Moscow, the lead operating entity of MDM Financial Group.
The facility is secured by US dollar export proceeds arising from the sale of gold from MDM Bank to Commerzbank International SA, Luxemburg.
MDM Financial Group’s parent company, MDM Financial Holding (Cyprus), is providing a guarantee. Funds will be used to refinance loans from MDM Bank to OAO Uralelektromed, a core asset of the Russian UGMK-group which produces various metals.