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Vneshtorgbank continues cooperation with forestry complex enterprises

4 October 2005

Vneshtorgbank pays special attention to cooperation with enterprises of the Russian Timber Complex (RTC) and is set to enhance its long-term financing in order to facilitate the development of this sector of the Russian industry having considerable export potential. Striving to promote mutually enriching cooperation with most dynamically developing timber company, VTB acts as an official sponsor of VII International Forum "Russian Timber Complex in the XXIst century".

Vneshtorgbank and its offices provide timber enterprises with a wide spectrum of services at international standards, including pre-export finance and import finance with VTB Group foreign banks participating, documentary operations (guarantees, letters of credit), lending under international credit lines, arranging foreign equipment delivery with any advance payment and with a 2-3 year payment deferment, current financing and lending for technical overhaul and modernization of enterprises.

Active in working with timber enterprises are VTB branches in forest regions, such as Khabarovsky region, Krasnoyzrsky region, Perm, Irkutsk, Leningrad and other regions, as well as newly opened branched in those regions where the volume of business and potential of the timber sector are the highest - in Arkhangelsk, Petrozavodsk, Veliky Novgorod and Syktyvkar. All in all, over the last two years credits, as well as letters of credit and guarantees extended by Vneshtorgbank to timber enterprises have exceeded the amount of USD300 million.

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