On 30 December 2005, Vneshtorgbank, Vnesheconombank, Aeroflot company, Sheremetyevo International Airport and Terminal company signed a memorandum of understanding on participation in a project to construct Sheremetyevo-3 Air Terminal.
Under the document, the leading Russian banks shall participate in the project as shareholders and lenders. The document specifies procedures for shareholders` decision making and relationship, as well as terms and conditions of the project participation and financing scheme to be applied.
In compliance with the memorandum signed, Vneshtorgbank`s holding in the authorized capital of Terminal company totaling RUR 3.796 billion can amount to 25% plus 1 share, with Vnesheconombank`s portion reaching 20% minus 2 shares.
To provide finance for the project, Vneshtorgbank and Vnesheconombank shall provide loans totaling USD 500 million; each of the banks shall extend up to USD 250 million for a ten year period.
The memorandum was signed by Vnesheconombank`s Chairman Vladimir Dmitriev, Chairman and CEO of Vneshtorgbank Andrey Kostin, General Director of Aeroflot company Valery Okulov, General Director of Sheremetyevo International Airport Mikhail Vasilenko, and General Director of Terminal company Kirill Budaev.
The construction of Sheremetyevo-3 which started in July 2005 is planned to be completed by 2007 year-end.