January 2006, Moscow - Vneshtorgbank and Electrocable Association signed an Agreement stipulating major development guidelines of the on-going cooperation between the parties.
Under the Agreement, Vneshtorgbank and Electrocable Association shall cooperate in such spheres as VTB banking services to be offered to enterprises participating in the Association, cash and settlement services, as well as consultation and information management services under joint projects.
Besides, Vneshtorgbank will consider lending facilities to support current activities of enterprises-members of the Association, and to finance and guarantee future projects aimed at importing equipment and goods with foreign finance involved.
Presently, a number of enterprises-members of the Association are already customers of Vneshtorgbank. For such enterprises, the Bank has opened documentary credit limits totaling RUR 1.15 billion, and agreements have also been reached to place their temporarily idle funds into the Bank`s deposits and to service their foreign trade contracts.
The Agreement signed was a further step in implementing Vneshtorgbank`s policy of cooperation with the cable industry.
For Vneshtorgbank, the Agreement was signed by Igor Zavyalov, Deputy Chairman, and for Electrocable Association - by Izyaslav Peshkov, Chairman of the Board.