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Vneshtorgbank and the Government of the Republic of Mary El sign a Cooperation Agreement

 
10 December 2004

Vneshtorgbank has entered into a cooperation agreement with the Government of the Republic of Mary El.

The Agreement was signed by Nikolay Kuklin, acting Head of the Government of the Republic of Mary El, and Gennady Soldatenkov, Vneshtorgbank`s Deputy Chairman & CEO.

The Agreement shall pave the way for better financial and banking services to enterprises and institutions of the Republic of Mary El. It will also help the Government of the Republic of Mary El reach the priority targets set in its economic, social and fiscal policies.

Recognizing the need for further enhancing the mutually encouraging financial and economic relations, Vneshtorgbank and the Government of the Republic of Mary El agreed upon a number of measures aimed at promoting cooperation in the investment sphere. The Agreement also envisages VTB`s participation in some investment projects designed to considerably improve the economic performance of the region.

Furthermore, the cooperation to be developed under the Agreement implies Vneshtorgbank`s concerted efforts to support export of competitive goods produced by the Republic, as well as to attract foreign investment to be channeled into priority-driven lines of business and research. Addressing the audience present at the signing ceremony, Nikolay Kuklin said that the Republic would be interested in Vneshtorgbank`s active participation in mortgage lending development and would subsidize the interest the loans extended to local households would bear.

The delegation of Vneshtorgbank was also received by President of the Republic of Mary El Leonid Markelov. A wide range of issues was discussed at the meeting covering the investment policy of the Republic Government in different sectors of industry and science. The parties exchanged their views on prospective involvement of VTB in investment programs and projects to be implemented in the Republic of Mary El.


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