PARIS – A consortium of European banks has agreed to lend Nokian Tires, of Finland, €50 million ($63 million) to construct a new tire plant in Vsevolozhsk, Russia, located near St. Petersburg, by 2006. The lending institutions include the European Bank for Reconstruction and Development, France’s Calyon Bank, Denmark’s Danske Bank and HSH Nordbank and Raiffeisen Zentralbank Osterreich of Austria. Nokian plans to manufacture 1.5 million tires annually for the Russian market.

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