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VTB enhances customer opportunities to finance export-import contracts

12 March 2007

It is the first time in the history of domestic banking system that VTB has arranged lending to Russian institution under the programme of retrospective financing of the German export agency Hermes, acting within the framework of the cooperation with foreign export insurance agency.

With the participation of such German banks as Deutsche Bank AG and AKA-Bank, a ten-year credit worth EUR 16.3 million was extended to JSC Soda under the coverage of the German export insurance agency Hermes. The funds received will be channeled into compensating the purchase expenses of imported equipment for cement making. However, the delivery of the equipment against the contract was made and paid by Soda without export insurance agency participation that makes the deal unique.

This facility can be very popular among Russian enterprises, if they have no opportunity to arrange financing under the coverage of an export insurance agency since being under time pressure and obtain imported equipment by other means. Also, retrospective financing can be used by those enterprises, which had obtained imported equipment at their own cost, but afterwards decided to raise long-term funding under the coverage of an export insurance agency.

Retrospective financing became possible due to high confidence in VTB from foreign financial institutions. Acting in the interests of its customers, VTB has cooperated with foreign export insurance agencies and export-import banks. Now, the total amount of credit lines set to VTB and the agreements signed, under which the specific projects for VTB customers in different spheres are being financed, has exceeded USD 4 billion. Total amount of credits raised by VTB from foreign banks under the Hermes insurance coverage amounts to USD 150 million.


For reference:
JSC Soda (Sterlitamak) is the largest producer of soda ash in Russia. It manufactures more than 100 chemicals including inorganic compounds, building materials and consumer goods. The main part of its output is realized in the domestic market, and it is also exported, primarily, to France, Iran and Turkey.

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