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Cooperation Agreement between Vneshtorgbank and the Federal Education Agency

 
11 July 2005

Vneshtorgbank and the Federal Education Agency signed a Cooperation Agreement designed to further develop mutually encouraging relationship set by the 2003 Cooperation Agreement between VTB and the Russian Ministry of Education.

The Agreement was signed by Vneshtorgbank`s Deputy Chairman Igor Zavyalov and Head of the Education Agency Grigory Balykhin. Under the Agreement, Vneshtorgbank shall help the Agency and its educational institutions reach their priority tasks aimed at implementing state policy in the sphere of education.

Presently, alongside the Federal education agency, among Vneshtorgbank`s customers and partners are such higher education institutions as the State University Higher School of Economics, Russian State Humanitarian University, Russian New University and some others.

Vneshtorgbank is set to offer the Agency and higher education institutions a wide range of services including lending, documentary operations, leasing, payroll payments and individual loans. The Bank will capitalize on its expertise gained in cooperation with educational institutions, particularly, with universities of Tomsk region, where Vneshtorgbank together with the Agency and the Foundation for Education Support and Development launched a program of preferential mortgage lending to state university personnel.

Within the cooperation program, for several years running, Vneshtorgbank has extended grants to professors and scholarships to undergraduates of economic higher education institutions. Besides, VTB gives some of the best economic scholars a chance to get training at its premises, offers direct financial support to different educational institutions, and acts as a sponsor to some educational projects, including an annual exhibition "Education and Career".

The Agreement signed between Vneshtorgbank and the Federal Education Agency will be a sound basis for enhancing VTB`s cooperation with economic entities operating in the sphere of education. Now that the Agreement is well in place, the Russian Education Ministry will be able to attract Vneshtorgbank to participating in the implementation of various sectoral, regional and interregional, governmental and international programs developed by the Agency, thus enhancing the banking finance to be channeled into socially important projects in the sphere of education.


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