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Vneshtorgbank and Brazilian Development Bank sign a co-operation agreement

 
25 November 2004

On 22 November 2004 in Brazil, within the framework of an official meeting between Russian President Vladimir Putin and President of the Federal Republic of Brazil Luiz Inácio Lula da Silva, Vneshtorgbank and Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social - BNDES) signed a co-operation agreement.

The agreement was signed by Andrey Kostin, President and Chief Executive Officer, for Vneshtorgbank, and Luiz Fernando Furlan, Chairman of the BNDES Board of Directors and First Deputy Minister of Development, Industry and Foreign Trade of Brazil, for BNDES.

Under the agreement, Vneshtorgbank and BNDES agreed to establish and strengthen long-term co-operation in issuing guarantees, lending, consulting and co-ordination activities, exchange of information on a variety of issues related to interbank co-operation. The agreement provides that financial institutions of both countries can participate in financing projects aimed at fostering foreign trade and investment relations between Russia and Brazil.

Joint efforts in financial support for export and import operationsong clients of both banks will be a top priority line of co-operation between Vneshtorgbank and BNDES.

For reference: Brazilian Development Bank is a state-own bank established on 20 June 1952. The Ministry of Development, Industry and Foreign Trade of Brazil holds a majority stake of the bank. Under the concept prepared by the Federal Government of Brazil, BNDES operates both at the national level - to ensure better social protection for Brazilian nationals, namely: development of education, public health, and public transport, as well as infrastructure development; to support national output, small and medium-size businesses, as well as export; and at the regional level - to facilitate futher integration of Latin-American regional economies. As of 1 January 2004, shareholders` equity (capital) of the Bankounted to about US$3.7 billion, with its total assets approximating to US$49.4 billion.


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