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Vneshtorgbank will participate in building an Indian electric power station

4 April 2005

Vneshtorgbank has arranged financing for the construction of the Barkh thermal power station in India. As a result of an international tender held by India's state-owned National Thermal Power Corporation, contracts for construction have been contested and gained by Russia's leading companies in energy and power machine building, such as Tekhnopromexport together with Krasny Kotelschik and Siloviye Mashiny including ZTL, LMZ, Electrosila, and Energomachezport.

In particular, to provide for the contractual commitments of these Russian companies within the construction project, Vneshtorgbank together with the Bank оf India issued long-term guarantees worth USD200 million.

This event is an important step towards further developing Russian-Indian mutually rewarding cooperation in the sphere of trade and economy. It will also consolidate the Russian companies' positions on the energy and power market of India. When successfully implemented, the Barkh thermal power station construction will prove strong competitive advantages of the Russian machine building companies on global markets, and will demonstrate the unique character of the Russian energy equipment and technologies. The project will allow the Russian companies to considerably expand market boundaries for their machine building products.

Undoubtedly, Vneshtorgbank will build on its participation in this project and will strengthen its leadership among Russian banks in Russia's foreign trade servicing.

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