A signing ceremony took place on 5 February in Moscow where Vneshtorgbank and AFK "Systema" entered into a Strategic Partnership Agreement and a Co-operation Programme.
The Co-operation Agreement aims at strengthening and further developing partnership based on mutual interest.
Under the Agreement, the Bank will render comprehensive banking services for "Systema" Corporation and its subsidiaries, finance export and import trades of the Corporation, provide improved international and domestic payments made by AFK "Systema", participate in arranging funding for investment projects, look for strategic and finance investors, provide agency services intended to follow up and monitor investment (including syndicated) loans and bonded debt, assist the Corporation in issuing securities on the Russian and world markets.
AFK "Systema", in return, will invite Vneshtorgbank to implement investment programmes, develop foreign exchange and financial terms and conditions related to co-operation with foreign counterparties, recommend the Bank for participation in regional and inter-regional projects and programmes to be developed with the Corporation`s participation, invite the Bank to make financial appraisal and expertise for the projects to be implemented by the Corporation and its subsidiaries, and render information services to Vneshtorgbank in construction and rebuilding, as well as in telecommunications.
The Co-operation Programme, which forms an integral part of the Strategic Partnership Co-operation, specifies bilateral action aimed at more efficient co-operation of the Parties in 2003 under joint projects in several fields as follow:
· Building and Real Estate
The Strategic Partnership Agreement and the Co-operation Programme were signed by Andrey Kostin, President and C.E.O. (on the right), for Vneshtorgbank, and Yevgueny Novitsky, President, for AFK "Systema".