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Vneshtorgbank boosts financing for investment projects in Russian provinces

27 July 2006

Vneshtorgbank, one of the leaders of the investment banking market, boosts financing in a variety of Russian provinces, offering new financial products. Today, Vneshtorgbank acts as an investor for several construction projects in Moscow and Russian provinces.

In particular, Vneshtorgbank invests in a major project to build the “Solnechny” complex in Ufa, where StroiProjectCentre group of companies is a partner of the Bank.

Under the “Solnechny” project, a multifunctional trade and entertainment complex will be built. It comprises a three-level building of 46,000 square metres of total space with a parking for 770 cars. Total investment in the first turn of the project will be more than USD32 million allocated for a seven-year period.

Total area of the complex is going to be expanded up to 100,000 square metres in the future. The second turn, scheduled for 2008, will make the complex the biggest in Bashkiria and one of the most large-scale developer project in trade real estate outside Moscow. A new trading centre format will be offered to this city where the trade and the entertainment components will be efficiently combined.

«Nowadays, Vneshtorgbank is one of few domestic credit institutions to hold long-term funds in volumes allowing to carry out major projects in the construction industry. Active investment support to this sector is an important part of Vneshtorgbank’s strategy aimed at fostering the national economic growth», said Dmitry Khodko, VTB Vice President.

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