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Vneshtorgbank and Association of Russian Higher Education Institutions sign a Cooperation Agreement

18 July 2005

Vneshtorgbank and the Association of Russian Higher Education Institutions have signed a Cooperation Agreement to develop relationships aimed at promoting the system of higher education in the country.

Since 1994, the Association of Russian Higher Education Institutions (ARHEI) has been coordinating the activities of non-state higher education institutions of Russia - presently, their number has exceeded 550 (which is about 46% of the total number of civil higher education institutions in the country) with the number of undergraduates more than 1 million.

Under the Agreement, Vneshtorgbank shall offer higher education institutions such services as lending, including financing of projects aimed at enhancing material resources, settlement of payment for educational services, including international, payroll services with the use of bank cards, and some other banking services and products.

Offering its services, VTB shall draw on experience gained in the cooperation with educational institutions. Earlier, Vneshtorgbank signed similar agreements with the Russian Ministry of Education and Science.

Now that this Agreement is put in place, the national system of higher education, both state and non-state, will get a reliable partner represented by Vneshtorgbank in tackling the task of developing the national higher education system and upgrading the educational level of the Russians.

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