12 January 2004
In the course of the session held on 29 October 2003 in Moscow by the Russian-Norwegian Intergovernmental Commission, Vneshtorgbank signed a credit agreement with Eksportfinans ASA, Norway, on a ?50m credit line to be made to VTB.
Mr. Vladimir Dmitriev, Executive Vice President and Deputy Chairman, for Vneshtorgbank, and Harald Rokke, Senior Vice President, in charge of lending business, for Eksportfinans ASA signed the Agreement. The signing ceremony was held in the presence of the official Norwegian delegation headed by the Minister of Trade and Industry Ansgar Gabrielsen.
The agreement envisages financing, by Vneshtorgbank, for deliveries of industrial equipment, goods and services from Norway. Insurance coverage will be granted under the Agreement by the national export credit agency of Norway, GIEK, and no guarantees will be required from the Russian Government.
The signing of the Agreement will enable to considerably expand VTB`s capabilities to raise middle-term and long-term financing in euros and US dollars on favourable terms for Russian companies engaged in import of goods and services from Norway. Under the Agreement, several projects in shipbuilding sector and opening perspectives in broadening Russian-Norwegian joint efforts in energy and telecommunications sectors are being discussed.
Eksportfinans ASA was established in 1962 by Norwegian banks and it specialises in financial services rendered to Norwegian exporters.
Closer relations with Scandinavian countries are particularly important to the Russian economy owing to geographical proximity and traditional co-operation in many sectors of national economies. The credit line raised from Eksportfinans ASA is a next stage within the strategy implemented by Vneshtorgbank in attracting investment to the Russian economy.
The signing of the agreement reiterates growing trust from Western financial community in Russia at large and Vneshtorgbank, in particular. Guarantees issued by Vneshtorgbank are presently acceptable by export credit agencies and financial institutions in most industrialised countries in Europe, Northerica, Japan, and South-East Asia.