Vnesheconombank Signs Agreement with Sumitomo Mitsui Banking Corporation Europe (SMBCE)
Today, on March 1, Vnesheconombank and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE) signed an agreement on cooperation in supporting joint projects including projects carried out within the Public Private Partnership (PPP).
The agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and SMBCE Senoir Managing Director Shuntaro Higashi.
The agreement provides for promoting long-term partnership between Vnesheconombank and SMBCE in assessing and structuring major investment projects.
Under the agreement financial institutions are determined to assist project participants in selecting optimal financing schemes using instruments of structural financing and funds attracted against insurance coverage of export insurance agencies as well as capital markets instruments.
The two sides are also determined to hold joint workshops on attracting funds to finance infrastructural projects in Russia including projects in telecommunications, aircraft industry, shipbuilding, power engineering, industrial and transport infrastructure.
The signing and further implementation of the agreement is aimed at introducing PPP principles as an effective form of cooperation between the state and private business designed to carry out major national projects.
Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), London, Great Britain is a subsidiary bank of Sumitomo Mitsui Banking Corporation, Tokyo, Japan (SMBC). Sumitomo Mitsui Banking Corporation was established in 2001 by merging Sakura Bank and SumitomoBank and is one of the largest Japanese banks. At present, SMBC is a key constituent part of Sumitomo Financial Group which is included in Top-20 world financial and credit institutions according to the Banker Journal.
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