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Vneshtorgbank continues to increase its financing of Russian industry

3 September 2004

In August 2004, Vneshtorgbank made an agreement with GMK "Norilsk Nickel" for carrying out transactions worth more than $400m.  This included widening the range of credit and trade finance with GMK "Norilsk Nickel" and its affiliated enterprises.  In particular, it is planned to actively use Vneshtorgbank`s capabilities in organising the financing of foreign trade operations of the mined-metals company. 

The increase in financing of GMK "Norilsk Nickel", which in the first half of 2004 Vneshtorgbank provided with credit resources totalling $40m, is a continuation of Vneshtorgbank`s current policy for initiating cooperation with its strategic leading-client Russian industrial businesses.  While commenting on the development of GMK "Norilsk Nickel" the Deputy President-Chairman of the Board of Vneshtorgbank - Igor Zavyalov, mentioned in particular that "the opening of a credit line by Vneshtorgbank of such a significantount has an effect not only on the leading position of GMK "Norilsk Nickel" in the non-ferrous metals industry and its undoubted significance to the State, but also in our high value of the investment potential of the whole metallurgical industry. Taking this into account,  by taking on the development program of clients` businesses with enterprises in the ferrous and non-ferrous metals industries over the period 2004-2006, we are forming a basis to strengthen further Vneshtorgbank`s competitive position in the field of bank services to companies in this sector of industry."

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