On April 13, 2006 Vneshtorgbank and Mirax-City company signed an Agreement to acquire office premises in Tower "B" of the Moscow-City International Business Center. The total area of VTB premises located on 32 floors will be about 60 000 square meters.
Under the Agreement, Mirax-City shall complete the construction of the Federation Complex, as well as Tower "B", and Mirax-City transfer the premises to Vneshtorgbank, once the building is put into operation.
Presently, Vneshtorgbank is already participating in the construction project through financing the construction costs under a documentary credit limit totaling USD 250 million. Opening the limit allowed Mirax-City to satisfy the developer's needs in financial resources for building the Complex, as well as to apply different banking products (guarantees, letters of credit etc.), required while dealing with foreign companies-suppliers of unique equipment and high-class decoration materials.
Andrey Kostin, Chairman and CEO of Vneshtorgbank, is cited to say that: "for the last two years the Bank have paid a special attention to its participation in implementing different programs in the sphere of "construction and real estate operations. During the period, of total credit portfolio amounted to more than USD 1 billion, thus enabling the Bank to maintain leadership in this sphere countrywide".
For reference: Federation Complex is being built within the Moscow City International Business Center construction project. The complex will be a multiplex with two uneven towers of 56 and 83 floors, respectively. They will be connected by a 7-floor high stylobate part and a 4-floor high basement. Bearing structures of both ground and underground parts are being erected in compliance with cast technology using hyper strong concrete. The total area of the Complex is expected to be put in operation in January 2008.