Consultations between representatives of partner banks incorporated in the Interbank Association within the Shanghai Cooperation Organization (SCO) were held in Moscow on March 1-2, 2007.
Vnesheconombank acted as an organizer of the meeting. In 2007, Vesheconombank holds the presidency8i of the SCO Interbank Association.
The participants in the meeting exchanged opinions on the strategy of the SCO Interbank Association and crucial issues of the Association’s day-to-day activity. In particular, they discussed draft regulations for cooperation between Interbank Association member banks in selecting, examining and implementing investment projects, as well as the issue of creating a mechanism for SCO guarantees and the issue of setting up an Interbank Association website. Special emphasis was placed on stepping up efforts to identify and start to implement top priority projects. “As a coordinator bank within the SCO Interbank Association, Vnesheconombank aims to get the Association to start carrying out specific projects in the year 2007,” said Vnesheconombank First Deputy Chairman Nikolai Nosov. “We hope that before the SCO summit we’ll be able to agree upon 1-3 projects to be submitted to the leaders of SCO member states as the first pilot projects to be financed on a multilateral basis.”
Vnesheconombank offered to exchange opinions on using SCO member states’ security markets to finance projects carried out by the SCO Interbank Association.
In the course of consultations there was a presentation of the Eurasian Development Bank. Interbank Association members noted that it was worthwhile to establish an effective cooperation and business ties with the Eurasian Development Bank and other leading financial institutions playing an active role in the SCO investment sector.
The Interbank Association of the Shanghai Cooperation Organization was established in October 26, 2005. It incorporates the Kazakhstan Development Bank, the China State Development Bank, the Settlement & Savings Company (Kyrgyzia), Vnesheconombank, the Tajikistan National Bank, and the Uzbekistan National Bank for Foreign Economic Affairs.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93. Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
Vnesheconombank Signs Agreement with Sumitomo Mitsui Banking Corporation (SMBC) and Japan Bank for International Cooperation (JBIC)
Today, on February 28, in the course of Russian Prime Minister Mikhail Fradkov’s visit to Japan Vnesheconombank, the Japan Bank for International Cooperation (JBIC) and Sumitomo Banking Corporation (SMBC) signed a package of agreements on attracting credit resources worth 228 million US dollars to finance the project aimed at constructing and commissioning the Sheremetyevo-3 Air Terminal.
The agreements were signed by Vnesheconombank Chairman Vladimir Dmitriev, SMBC Senior Managing Director Shuntaro Higashi and JBIC Senior Executive Director Fumio Hoshi.
The credit agreements provide for financing Vnesheconombank for a period of 13 years against the guarantee of the Japan Bank for International Cooperation (JBIC) and the insurance coverage of the Nippon Export and Investment Insurance – NEXI.
This credit is the first credit to have been extended to a Russian bank under the JBIC/NEXI Untied Program with the simultaneous participation of the JIBC and the NEXI in guaranteeing and insuring the transaction.
The agreements were made to build upon the Credit Agreement signed earlier between Vnesheconombank and OJSC Terminal “On Extending Borrowed Funds worth 211 million US Dollars to Carry out the Sheremetyevo-3 Air Terminal Construction Project”.
The new agreements would promote business ties between Russian and Japanese financial institutions and would be Vnesheconombank’s further step in developing the infrastructure in the Russian Federation. A long term of the credit shows that Japanese banks and insurance agencies have high confidence in Vnesheconombank
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93. Fax: +7 (495) 975-21-34
E-mail: press@veb.ru