12 January 2004
Within the framework of the official visit made by the Russian president Vladimir Putin to Italy a signing ceremony took place on 4 November 2003 in Rome where four individual credit agreements totalled ?52 million were entered into between Vneshtorgbank and Mediobanca, Italian major investment bank.
Funding to be raised under these agreements will be used by Vneshtorgbank to finance investment projects of its customers operating in telecommunications, building materials, chemical and metallurgical industries.
Mr. Vladimir Dmitriev, Executive Vice President and Deputy Chairman, for Vneshtorgbank, and Messrs. Massimo de Carlo and Francesco Ripandelli, Senior Managers, for Mediobanca, signed the instruments.
Implementation of these projects was a new step forward in developing co-operation between Vneshtorgbank and Mediobanca aimed at further expanding trade relations between Italy and Russia. A ?300m funding was allocated under the agreements within the Master credit agreement existing between VTB and Mediobanca, intended to finance Italian investment exports to Russia for a 10-year term. Credit insurance coverage will be granted by the Italian export credit agency, SACE.
Earlier, in late 2002, under the Master credit agreement Vneshtorgbank made a ?10.3m credit line to Gazcom company for a 6.5-year term for purchases of cutting edge equipment from Alenia Spazio to build 2 new generation Yamal-200 communication satellites.
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