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Vneshtorgbank signs a Cooperation Agreement with the Government of the Moscow Region

2 September 2004

A Cooperation Agreement between Vneshtorgbank and the Government of the Moscow Region has been signed.  The Agreement focuses on joint efforts to achieve the main aims in the socio-economic development of the Moscow Region.

The Agreement was signed by the Governor of the Moscow Region - Boris Gromov, and the President-Chairman of the Board of Vneshtorgbank - Andrey Kostin.

The Agreement provides for the participation of Vneshtorgbank in financing projects and programs for the development of the bases of branches of industry, which are of socio-economic importance to the Moscow Region; in supporting structural business formations; and also in the provision of a wide range of high quality bank services to businesses and organisations of the Moscow Region.

As part of the Agreement Vneshtorgbank will further the increase of investment potential of the Moscow suburbs; successfully realise the Government`s plans and programs for the development of small and medium sized businesses and the support of private business ventures; and also participate in the formation and development of the securities market of the Moscow Region.

In particular, Vneshtorgbank and the Government of the Moscow Region have agreed on the participation of Vneshtorgbank in crediting local municipal formations of the Moscow Region, and also financing a project for the creation of a network of trade centres in the region.

The Government of the Moscow Region has already received financial aid from Vneshtorgbank for the realisation of specific programs aimed at the development and improvement of the effectiveness of the region`s economics.  In 2004, the Government of the region was provided with 2.0 billion roubles.  In April of this year, Vneshtorgbank took part in the organisation and investment of issuing bonds of the Moscow Region worth 9.6 billion roubles.  In the Moscow Region there are a further two Vneshtorgbank offices operating in Lubertsy and Podolsk.  Additional Vnestorgbank offices are planned to be opened in other large towns in the Moscow suburbs.

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