A signing ceremony took place in Moscow on 4 July 2003 where a Co-operation Agreement was signed between Vneshtorgbank and the Kaliningrad Region Administration. The Agreement is aimed at joining efforts in meeting priority goals for social and economic development of the Kaliningrad Region.
The Agreement envisages Vneshtorgbank`s involvement in projects designed for development of socially-oriented industrial sectors, establishing prerequisites for technological progress in the area and enhanced investment capabilities of the Kaliningrad Region.
By choosing Vneshtorgbank as a partner, the regional administration will get important financial support for regional target programmes to develop and improve efficiency of the regional economy. In addition, Vneshtorgbank will take part in managing federal public funds and debt issue and placing arrangements of the Kaliningrad Region.
Vladimir Yegorov, President of the Kaliningrad Region Administration, and Andrey Kostin, President and C.E.O. of Vneshtorgbank, signed the Agreement.
At present, Vneshtorgbank has already signed similar agreements with many Russian regional administrations such as the Chita, the Belgorod, and the Kursk Regions, the Khabarovsk Territory, the Republic of Sakha (Yakutia) and other federal constituencies.