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Andrey Kostin meets Moscow Mayer, Yury Luzhkov

28 November 2005

On November, 2005, a meeting took place between Yury Luzhkov, Mayer of Moscow, and Andrey Kostin, Chairman and CEO of Vneshtorgbank.

On the agenda of the meeting were current issues of bilateral cooperation aimed at solving top priority tasks of social and economic development of the city of Moscow. The two parties confirmed their willingness to continue joint efforts in implementing city target programs designed to enhance economic performance of the city and to support SME development.

Since August 2002, Vneshtorgbank has been an authorized bank of the Moscow City Government. Acting in this capacity, the Bank has cooperated with various municipal entities within the framework of "Program of Cooperation of Vneshtorgbank JSC and the Government of Moscow for the years 2004-2006". A core objective of the Program is raising funds for the city needs to be channeled into implementing both municipal and federal programs of developing the city and supporting large enterprises of the key industries.
Presently, Vneshtorgbank has set a limit for the Government of Moscow in securities trading and lending. Also, credit facilities are offered to a number of large construction enterprises operating on the territory of Moscow.

Besides, Andrey Kostin and Yury Luzhkov discussed prospects of mutually reinforcing partnership between the Bank and the Government of Moscow.

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