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Cooperation Agreement signed between Vneshtorgbank and the Federal Sea and River Transport Agency

16 May 2005

Vneshtorgbank and the Federal Sea and River Transport Agency of the Russian Ministry of Transport signed a Cooperation Agreement establishing main guidelines for mutually beneficial partnership between the Parties.

In particular, the Agreement is designed to forge cooperation in a number of areas including joint efforts aimed at implementing federal target programs, as well as international contracts of the Russian Federation in the sphere of sea and river transport. Under the Agreement, the Bank shall also offer the Agency most comprehensive banking services, including lending to its enterprises and institutions to finance projects and programs which are already in progress, as well as consultancy and information services under joint projects.

Besides, Vneshtorgbank, together with the Federal Agency, shall consider prospects of launching a number of retail projects, including issuance of Vneshtorgbank's corporate plastic cards, and offering banking services to the personnel of both the Agency and its enterprises.

Presently, Vneshtorgbank is about to finance the construction of two icebreakers to ensure winter navigation in the Gulf of Finland. The Parties emphasized the importance of this project for a stable and steady freight flow in the Northwest region of Russia.

The Agreement was by Andrey Kostin, President and CEO of Vneshtorgbank, and Vyatcheslav Ruksha, Head of the Federal Sea and River Transport Agency.

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