JSC WERTEKS and AO UniCredit Bank sign a financing agreement for RUB 2.175 bn
JSC WERTEKS and AO UniCredit Bank – the largest foreign bank in Russia – have today signed a loan agreement for financing the 2nd and 3rd stages of the development of the pharmaceutical manufacturer’s new innovation and production complex based in Novoorlovskaya, within the special economic zone of Saint Petersburg. The total financing provided by UniCredit Bank for this development is 2.175 billion roubles for the period of up to 2025.
The two companies have successfully cooperated on large-scale projects also in the past. In 2013, UniCredit Bank provided financing to WERTEKS for the construction and equipment needed to complete the 1st stage of this innovation and production complex in Novoorlovskaya.
The site was successfully launched in 2015, which enabled WERTEKS to significantly increase its production and sales as well as strengthening the company’s market position.
The second and third stages of this development will allow WERTEKS to double its production capacity and expand its range of products thanks to a modern laboratory and warehouse operation.
"Our cooperation with UniCredit enables us to implement projects, which are important for both, the Saint Petersburg region and the country. The development of this innovation and production complex will allow WERTEKS to contribute to increasing the availability of Russian medicines to patients throughout the Russian Federation while helping us create innovative products and also increase the generation of jobs in this sector,” comments Georgy Pobelyansky, General Director of WERTEKS.
"The financing of projects like this is important for UniCredit Bank because it allows us to support the high-tech industry in Russia in a direct and tangible way,” says Svetlana Stavitskaya, Branch Manager of St. Petersburg Branch of AO UniCredit Bank. “Moreover, investments in the pharmaceutical industry are in accordance with the import substitution programme, which is essential for the Russian economy".