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. Last Updated: 07/27/2016

Recyclers Get Financing

MOSCOW (MT) - Tokobank of Russia and the Bank of New York will give a joint $8 million credit to a recycling project planned by MultiServ Russia S. A. , a subsidiary of British MultiServ Group, Interfax reported Friday.

This will be the first time a Russian bank will act as an equal partner with a Western bank in granting such a credit, Interfax said. MultiServ will use the credit for purchases and installation of equipment for reprocessing slag and extracting metals from slag heaps near Magnitogorsk. MultiServ will export the metals it extracts from the slag, Interfax said.