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Vneshtorgbank and the Government of the Penza Region sign a Cooperation Agreement

29 September 2006

Vneshtorgbank (VTB) and the Government of the Penza Region signed a Cooperation Agreement aimed at strengthening and developing the long-term mutually advantageous partnership between the Parties.

The Agreement was signed by Andrey Kostin, Chairman and CEO of Vneshtorgbank, and Vassily Bochkarev, the Governor of the Penza Region.

The Agreement stipulates VTB lending to the institutions carrying out important projects for the regional economy, and also handling of federal funds and settlements within the national programmes implementation. Besides standard banking services, the cooperation of the Parties will include joint efforts in implementing investment and other programmes and projects on small, mid-sized business development and entrepreneurship support.

Under the arrangements, VTB will participate in activities aimed at forming and developing the securities market of the Penza Region, and working out the regional foreign trade strategy.

Vneshtorgbankв?Ts assistance in implementing current and strategic tasks of the Penza Government, according to the Agreement, will facilitate favourable economic conditions in the region, which is one of VTBв?Ts core missions.

The Bank pays special attention to the regional component of its business, developing cooperation with regional governments of the Russian Federation and local administrations in economic, social and financial spheres. Presently, VTB has signed more than 45 similar agreements. The volume of credit limits set by Vneshtorgbank for the regional enterprises has exceeded RUR 91 billion.

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