Today, an agreement was signed in Moscow under which Vneshtorgbank shall open to MIRAX CITY JSC, which is a part of MIRAX GROUP Corporation, a credit line to finance the construction of the `Federation` Complex to be located on the premises of Moscow-City International Business Center. The Complex will be a multiplex with two uneven towers, of 84 and 57 stores and 340 m and 240 m high, respectively. The Complex shall accommodate: in Tower A - Class A officers, apartments and a 5-star hotel; in Tower B - Class A officer designed for high net-worth corporate customers. The ground floor connecting the towers will house shopping malls, trade galleries, banks, conference halls, cafes and restaurants with adjacent open patios and terraces. The total budget of the projectounts to USD 500 million, with USD 430 million earmarked for construction. The total area of the Complex is 347 thousand square meters. The project is international since it combined the interests of Russian private business and the world multi-storage expertise. Most sophisticated materials, as well as leading-edge engineering technologies, and innovative management will be applied to have these skyscrapers erected.
The Agreement signed is a kind of follow-up to the mutually encouraging cooperation launched in 2003 between Vneshtorgbank and MIRAX GROUP Corporation. Since then, tangible progress has been made in the project development, especially in providing a sound financial platform for its implementation. A special Task Force, which included specialists from Vneshtorgbank and MIRAX GROUP, has been operating on a permanent basis. The overall volume of funds allocated under the credit line for a 5-year period willount USD 250 million.
In general, Vneshtorgbank has been actively lending to the building and real estate sector of the national economy, reasonable recognizing it as a most perspective and lucrative business. In 2005, Vneshtorgbank is set to further enhance its business ties with leaders in this sector, placing a strong focus on regional projects and programs.