Vneshtorgbank and Sheremetievo International Airport Public Corporation entered into a Co-operation Agreement on 3 February 2005. Andrey Kostin, President and Chief Executive Officer, for Vneshtorgbank, and Serguei Nedoroslev, First Deputy Director General, for Sheremetievo Airport, signed the Agreement focused on more expanded and closer partnership relations between VTB and the airport.
Under the Agreement, Vneshtorgbank will provide Sheremetievo Airport with a broad range of financial services, including comprehensive banking services, financial lease and funding for development programmes, inter alia, projects on airport enhanced transportation accessibility. In addition, Vneshtorgbank intends to promote an international and domestic payment system and to implement up-to-date treasury management technologies aimed at more efficient airport`s ongoing activities.
Subject to the Agreement, Sheremetievo Airport will invite Vneshtorgbank to elaborate financial and currency terms and conditions of co-operation with foreign partners, as well as to conduct expertise and arrange funding for investment projects. With a view to finance current and investment needs of the airport, Vneshtorgbank will use limits in export and pre-export finance and documentary business which foreign credit institutions opened on VTB, in particular, through coverage provided by official export credit agencies.
According to the Agreement and the Plan of Arrangements to Expand the Existing Lines of Co-operation Between Sheremetievo International Airport Public Corporation and Vneshtorgbank signed thereunder, the airport and VTB will also give consideration in common to customer service improvement and financial product diversification intended for passengers and the staff of the airport, in particular, through Vneshtorgbank`s infrastructure development on the airport premises.