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Vneshtorgbank participates in establishing a joint Russian-Namibian financing company

 
27 July 2006

During the opening meeting of the Russian-Namibian Intergovernmental Commission (IC) held in Windhoek (Namibia), a signing ceremony of a shareholders agreement between Vneshtorgbank and Capricorn investment holding (Namibia) took place. The agreement sets forth establishing VTB Capital (Namibia) (PTY) Ltd. joint venture.

Under the agreement, Vneshtorgbank's share in the authorised capital of newly established company will be 50% + 2 shares.

The signing ceremony took place in the central office of Namibian-based Bank Windhoek, the major banking institution owned by Capricorn investment holding, where Yuri Trutnev, Minister of Natural Resources of the Russian Federation and N. Mbumba, Minister of Education attended.

Yuri Trutnev, the Russian IC Co-Chairman, expressed confidence that establishment of a joint Russian-Namibian financial structure will help strengthening and expanding bilateral economic ties.

For his part, N. Mbumba, Minister of Education, said that the Government of the Republic of Namibia places strong emphasis on the project and is to give overall support to VTB Capital (Namibia) within the framework of the Namibian legislation.

On behalf of Vneshtorgbank, the agreement was signed by Oleg Muradyan, Senior Vice President, and for Capricorn Investment Holding, by Koos Brandt, Chairman of the Holding.

According to Oleg Muradyan, "the main purpose of the company to be established by Vneshtorgbank and Capricorn Investment Holding is to invite Russian business and investment to Namibian market and Sub-Saharan Africa in order to implement jointly the most interesting and promising projects in the region, including international financing of the projects."

Customers of VTB Capital (Namibia) are to be Russian companies interested in their business development in the Southern Africa, extraction and processing of natural resources, energy, telecommunications, fishing, construction and trade.

Today, Vneshtorgbank is working on financing of a range of projects of Russian companies, aiming at their business developing in African market.

For reference:
Capriсorn investment Holding is an investment holding company engaged in business in Namibia and Botswana. The holding comprises several banks such as Bank Windhoek in Namibia and Gaborone bank in Botswana, and other financial, insurance and investment companies. Capriсorn investment Holding takes part in all the most important commercial and investment projects in the region.

As of 2005, net profit of the holding was USD 29 million, a rise of 38% against 2004, and asset increased by 26% to USD 1,055 million, from USD 835 million in 2004.


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