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Vneshtorgbank continues its cooperation with the Timber Company Complex

13 October 2004

Vneshtorgbank is devoting a significant attention to cooperation with the Timber Company Complex (TCC) and the widening of the long-term financial aims of cooperation in the development of this sector of Russian industry with regards timber export potential. In the interests of the widening of mutually beneficial cooperation with the most dynamically growing timber companies, VTB is acting as the official sponsor of the VI International Timber Industry Forum - "The Russian Timber Industry in the 21st Century."

Vneshtorgbank and its subdivisions offer timber companies a wide range of international standard services, including pre-export and pre-import financing with the participation of foreign banks of the VTB Group, documentary operations (warranties, letters of credit), crediting using international lines, organisation of the supply of imported equipment without advance payments and deferred payments for2-3 years, financing of current activities and crediting technological renewal and modernisation of enterprises. In Vneshtorgbank a Programme for Financing the Timber Company Complex in 2004-2006 has been developed; the approximate financing totals 600 million USD.

Daughter-companies of Vneshtorgbank have been actively working on the Programme in the following regions: the Khabovsky Region, the Krasnoyarsky Region, the Perm, Irkutsk, Leningradsky and other Districts; also in reopened daughter-companies in regions where the volume of business and potential for the timber industry in largest in the cities - Vologda, Arkhangelsk, Smolensk, Petrozavodsk, Tver, Kirov, Greater Novgorod, and Siktivkar. For the period 1 March to 1 September 2004, the total credit provided by Vneshtorgbank, setting out letters of credit, warranties, and setting limits for timber companies rose from 54 to 138 million USD. On 1 October 2004 VTB also set a credit limit for the ecological programme of the largest cellulose-paper company at 48.4 million USD.

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