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Vneshtorgbank signs a cooperation agreement with the Government of the Sverdlovsky Region

30 August 2004

Vneshtorgbank has signed a cooperation agreement with the Government of the Sverdlovsky Region.  The agreement was signed on behalf of the Government of the Sverdlovsky Region by the Government Chairman Aleksei Vorobev, and on behalf of VTB by Andrey Kostin, the President-Chairman of the Board.

The agreement is focused on the further development of the financing and banking provisions for business and organisation activities of the Sverdlovsky Region and the carrying out of priority goals for the realisation of the economic, social and financial policies of the Government of the Sverdlovsky Region.

Having understood the necessity for the further strengthening and development of equal and mutually beneficial financial-economic relations, Vneshtorgbank and the Government of the region agreed on the realisation of a complex of measures to improve joint activities in the sphere of investment.  Within this Agreement VTB will participate in the cultivation and realisation of the investment projects aimed at increasing the economic efficiency of the region, in particular, through the support of the agro-industrial complex and development of small businesses on the territory of the Sverdlovsky Region.

Cooperation within the framework of the signed Agreement also provides for the participation of Vneshtorgbank in organising the issue and distribution of security stocks of the Sverdlovsky Region and the widening of the financing of the region`s most economically important enterprises aimed at creating conditions for the development of scientific-technological processes in the industrial sphere and the improvement of the technological base of the region`s industrial production.

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