A signing ceremony took place 8 December 2003 where a framework credit agreement was entered into between Vneshtorgbank and ABNRO BANK, major Dutch bank.
Mr. Erkin Norov, Senior Vice President, member of the Board of Management, for Vneshtorgbank, and Mr. Wouter Devriendt, head of the Strategic Programme and Finance Institution Department, for ABNRO BANK, signed the Agreement.
Under the Agreement, ABNRO BANK will open on Vneshtorgbank a ?100 m credit line to finance contracts involving deliveries of industrial goods and services from European countries to Russia.
Financing under the line of credit is granted for 85% of the euro or US dollar denominated cost of import contracts. Equipment import projects under this agreement will be implemented pursuant to the Government support to the export from European countries and no Russia`s sovereign guarantees are required.
The Agreement signed with ABNRO BANK is a further step towards implementation of the Vneshtorgbank strategy intended to raise funding on international markets for the Russian economy development. Under this Agreement, VTB`s customers will get access to added opportunities for their long-term investment projects.
For reference: ABNRO BANK, the Netherlands, one of major European banks, ranks number one in the Netherlands and 12th globally. The bank has established an extensive network of branches and subsidiary banks in all regions world-wide. ABNRO BANK commands leadership positions on the European market offering a broad range of banking services to public and private companies. ABNRO BANK especially focuses on development of long-term funding and project finance. Traditional long-time relationship of the bank with Russia (the bank has recently celebrated its 25 anniversary of its representative office and 10 anniversary of the subsidiary bank in Russia) is a proof of strategic importance ABNRO BANK gives to relations with Russians counterparts.