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Russian Мinistry of Culture and Mass Communications and Vneshtorgbank agree on strategic cooperation

25 November 2004

On November 10, 2004, The Russian Ministry of Culture and Mass Communications, and Vneshtorgbank entered into a Cooperation Agreement. The Agreement was signed by Alexander Sokolov, Minister of Culture and Mass Communications, and Andrey Kostin, Vneshtorgbank`s President and Chief Executive Officer.

The Agreement is designed to foster strategic cooperation between the parties in their joint efforts to define efficient methods and procedures for raising off-budget resources to finance the Ministry`s sectoral and intersectoral programs. Under the Agreement, different investment projects will be implemented alongside the development of banking services and financial management of institutions of culture, mass communications and archive keeping.

It is envisaged by the Agreement that the Bank shall participate in all major projects which are aimed at preserving and developing Russia`s cultural and historical heritage, setting up a network of regional public centers, introducing modern digital television systems, and other large projects where the Bank can act as a finance manager and counselor.

At present, Vneshtorgbank is participating as a designated bank of the Ministry in the IBRD project "The Economic Development of St. Petersburg". The project provides for reconstruction and restoration of memorials of special federal importance, located in St. Petersburg and its them are the State Academic Mariinsky Theatre, The Hermitage, State Russian Museum, St. Petersburg Academic Philharmonic Hall named after Dmitry Shostakovitch and others.

The parties to the Agreement will certainly benefit from the in-depth expertise gained by Vneshtorgbank through many years of servicing institutions of culture. The Bank is also known for its charity and sponsorship programs.

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