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Vneshtorgbank and the Government of the Nizhegorodskaya oblast sign a Cooperation Agreement

1 December 2005

On December 1, 2005, in the city of Nizhny Novgorod, Cooperation Agreement was signed between the Government of the Nizhegorodskaya oblast and Vneshtorgbank.

On behalf of the Oblast Government, the Agreement was signed by Valery Shantsev, Governor, on behalf of Vneshtorgbank - by Igor Zavyalov, Deputy Chairman.

The Agreement is aimed at enhancing the financial and banking support for the Nizhegorodskaya oblast, as well as at joint implementation of economic, social and financial policy in the region.

Recognizing the need to strengthen and further develop equally beneficial and mutually advantageous financial and economic relations, Vneshtorgbank and the Oblast Government have agreed upon a number of measures to promote their investment cooperation. Under the Agreement, Vneshtorgbank shall participate in the development and implementation of top priority investment projects designed to enhance economic performance of the region. In particular, the Agreement signed is presently providing for Vneshtorgbank`s prospective involvement in renewing "NizhegorodPassazhir AvtoTrans" bus fleet and in developing "Nizhnny Novgorod" International airport.

The Agreement also envisages Vneshtorgbank`s participation in the implementation of the federal and regional program of supporting agro- industrial complex of the region, in forming and developing a Nizhegorodskaya oblast`s securities market and in financing the transport infrastructure of the oblast.

Addressing the signing ceremony, Valery Shantsev said that the Oblast was also interested in Vneshtorgbank`s participation in financing SME support programs, mortgage lending, housing construction, socially important projects, as well as housing and communal services of the Nizhegorodksaya oblast.

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