Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Banks Rebuild Industry

MOSCOW-- A consortium of Russia's leading banks has signed an agreement with the Industry Ministry to provide loans to help restructure the country's industrial sector.

Sergei Mikhailov, who heads the Department of Restructuring and Investment at the ministry, said a group of about 30 banks -- including Menatep, Uneximbank and Most Bank -- agreed to join the special investment pool.

The ministry will put a package of 10 pilot investment projects worth a total of $130 million before the pool in late February, Mikhailov said, and hopes to find strategic investors for 150 projects worth a total of $2 billion in the engineering, metals, light, textiles and medical industries.