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The Signing of Credit Agreements between Vneshtorgbank, the French Bank Societe Generale and BCEN-Eurobank

 
5 August 2004

On 4 August 2004 in Paris the signing of credit agreements between Vneshtorgbank and a syndicate consisting of the French bank Societe Generale and BCEN Eurobank took place.  The credit agreements bring in Vneshtorgbank for long-term financing under the cover of the export insurance agent COFACE (France).

The loans which Vneshtorgbank are bound to for a period of up to 10 years are earmarked for the financing of construction projects in the Moscow administrative and business sphere.  The general contractor is the French company Bouygues Batiment International.

The syndicate of French banks is also given commercial credit to finance advance payments by contract to the construction project and the insurance agent COFACE.  The overall credit provided through the agreementounts to more than 95m USD.

These credit agreements are the first step in the realisation of Vneshtorgbank`s strategy to support the large scale projects of Russian companies who are interested in attracting long-term credit for the financing of their investment projects, modernising equipment and manufacturing new products.


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