Vnesheconombank and United Industrial Corporation Sign Memorandum

15 february 2008 года
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Today on February 15, in the course of the Fifth Krasnoyarsk Economic Forum State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the United Industrial Corporation entered into a Memorandum on Cooperation in carrying out two projects of national significance and implemented within public private partnership.

The Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and United Industrial Corporation President Alexandr Gnusarev.

Under the Memorandum two projects are to be carried out:

  1. Construction of a rail branch line Kyzyl – Kuragino as well as a phased development of the Elegest coking coal deposit;
  2. Construction of a modern shipbuilding facility for manufacturing high-technology types of sea civil and military ships on the basis of Severnaya Verf’s production facilities.

The first project is aimed at building a 400-kilometer rail branch line, a 38-kilometer spur track and at a phased development of a coking coal deposit near the city of Kyzyl in the Tyva Republic. The maximum amount of investment in this project is about 125 billion rubles of which 49.3 billion rubles is to be allocated from the Russian Investment Fund. The project is being carried out in order to overcome economic growth infrastructure restrictions in the Tyva Republic and increase the region’s budget revenues to eliminate the need for subsidizing the region.

The second project provides for building the largest dry dock in Russia with auxiliary production facilities, reconstructing and modernizing Severnaya Verf’s existing shops and infrastructure. The amount of money expected to be invested in the project is 13.72 billion rubles. The project is aimed at building a modern competitive shipbuilding production facility in the North-West of Russia.

Both projects will be launched in the year 2008.

Under the Memorandum Vnesheconombank is considering the possibility of acting as an organizer of financing for the projects provided that they are in line with the Memorandum on the Bank for Development’s Financial Policy.

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7(495) 608-46-93, Fax: +7(495) 975-41-34
E-mail: press@veb.ru

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Vnesheconombank and European Bank for Reconstruction and Development Sign Memorandum on Cooperation

13 february 2008 года
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Today on February 13, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the European Bank for Reconstruction and Development (EBRD) entered into a Memorandum on Cooperation.

The Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and EBRD President Jean Lemierre

Under the Memorandum the two sides are determined to jointly finance projects in transport infrastructure, power engineering, communal services and environment protection as well as projects that would contribute to the Russian economy’s diversification and its innovative development.

In order to cooperate effectively in carrying out investment projects including those within public private partnership the two sides agreed to further work out optimal mechanisms for financing projects’ initial stages.

Under the Memorandum Vnesheconombank and the EBRD are also determined to explore the possibilities to jointly finance projects in the Russian regions aimed among other things at supporting small and medium-sized business.

The Memorandum also provides for establishing a joint working group, which will be responsible for promoting cooperation and coordination between the two financial institutions.

As Vnesheconombank Chairman Vladimir Dmitriev stressed, the signing of the Memorandum creates favorable conditions for joining forces, intellect and best practices of the two financial institutions.

The EBRD President said that “our cooperation is supposed to speed up the very economic processes for encouraging which our both banks were established. There are a lot of things we can and must learn from each other and Russia is in a position to hope that our joint efforts would have a profound impact on the development of Russia’s key economic sectors”.

Vnesheconombank’s participation in implementing the Memorandum signed is in line with the Bank’s principles, its main lines of business and industrial priorities of its investment activity stipulated in the Memorandum on the Bank’s Financial Policy.

The EBRD’s investment instruments owned by 61 countries and two international organizations are being used to build market-oriented economy and democracy in 29 countries ranging from Central Europe to Central Asia.

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru

 

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