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Credit agreements signed between Vneshtorgbank and AKA Ausfuhrkredit-Gesellschaft mbH

12 July 2004

A signing ceremony took place on 5 July 2004 in Moscow, where credit agreements were entered into between Vneshtorgbank and AKA Ausfuhrkredit-Gesellschaft mbH (АКА), Frankfurt Maine, Germany, on long-term import financing for Vneshtorgbank`s customers to purchase German-made equipment against coverage provided for by Hermes credit export agency.

Co-financing banks subject to interbank agreements between VTB and АКА will be major German banking institutions such as Dresdner Bank AG, Commerzbank Bank AG and Bankgesellschaft Berlin AG.

Totalount of credits made under the agreements signed today is about ?40 million.

Borrowings raised by Vneshtorgbank for up to 6.5 years are intended to finance manufacturing modernisation programmes implemented by Vneshtorgbank`s customers from light and food industries.

These agreements were signed under the Master Credit Agreement entered into between the two banks in September 2001 to finance equipment import against a Hermes guarantee to be performed through Vneshtorgbank totalling ?250 million.

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