RAO UES And EBRD To Sign Credit Agreement In London Today

The Russian national energy grid RAO UES is going to sign an agreement with the European Bank for Reconstruction and Development (EBRD) on a EURO 100-million credit that will be used for the company's restructuring. The credit is expected to be allocated for three years. The agreement will be signed between Leonid Melamed, senior deputy chairman of the RAO UES board, and Norine Doil, first vice-president of the EBRD. A preliminary agreement on the participation of the EBRD in the restructuring of the Russian national energy utility was reached during a visit of RAO UES chief executive officer Anatoly Chubais to London in March 2001. The EBRD made its final decision on the credit after the Russian government approved the program of the utility's restructuring.