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Vneshtorgbank continues to enhance investment into economy of Russian regions

28 October 2005

Within the framework of Vneshtorgbank`s investment business in the regions of Russia, construction of a plant producing ceramic facing bricks started in the Tverskaya oblast with planned production capacity of 60 million units of conventional bricks per annum.

The ceremony of laying the plant foundation was attended by Andrey Sapelin, Vneshtorgbank`s Investment Operations and Services Director and Dmitry Zelenin, Governor of the Tverskaya oblast.

Under the project implemented by the "Tverskaya ceramics" company, Vneshtorgbank`s investment amounts to Euro 23.1 million (which is 78% of the project cost). The project implies purchasing hi-tech equipment produced by Italian company "Piccinini Impianti S.r.l" and constructing production and administration premises in the Tverskaya oblast. To partly finance the project, Vneshtorgbank will use the credit facilities extended by the largest Italian investment bank Mediobanca under the guarantee of SACE, export credit guarantee agency of Italy, which proved to be a most efficient finance scheme.

"Once implemented, this project will provide high quality products to the Tverskaya oblast, which will contribute to the economic and social development of the region ", - said Dmitry Zelenin.

Vneshtorgbank is one of the few lending institutions with long-term resources large enough to implement serious projects. Active investment support provided by the Bank to the Russian industry is a major component of Vneshtorgbank`s development strategy aimed at ensuring Russia`s economic growth.

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