On Agreement with Saudi Development Fund

11 february 2007 года
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Press Release, 11.02.2007


Today, in the course of Russian President Vladimir Putin’s formal visit to the Kingdom of Saudi Arabia Vnesheconombank and CJSC Roseximbank signed a Memorandum of Understanding and Cooperation in Promoting Industrial Exports.

The Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and Saudi Development Fund Board Chairman, Saudi Finance Minister Ibrahim Al-Assaf.

The Memorandum is the first Russian-Saudi agreement in the financial and credit field. The document is designed to create favorable conditions for implementing joint investment programs among other things in supporting industrial exports of national mechanical engineering complexes and will encourage closer cooperation between Russian and Saudi business circles.

At present, the two sides are holding preliminary consultations on identifying and selecting potential investment projects to be carried out within the Memorandum.

The Memorandum also provides for promoting cooperation with Saudi financial institutions as well as for joint mid-term and long-term financing of Russian and Saudi mechanical engineering high-tech products manufacturers.

Given the plans to establish a development bank based on Vnesheconombank, the signing and further implementation of the Memorandum offer Vnesheconombank considerable opportunities for cooperation in carrying out joint projects in the Middle East as well as in South and Central Asia by promoting Russian commodity producers’ interests in the non-raw materials sector with the use of Saudi Development Fund’s expertise and resources.

The two sides see the Memorandum as a further step to encourage cooperation in the non-raw materials sector between the Russian Federation and the Kingdom of Saudi Arabia.

The Saudi Development Fund is a state-owned organization established to develop the national economy in the sectors not associated with producing and refining hydrocarbons. Currently, the Fund is successfully implementing export programs in such countries as Pakistan, Sudan and Turkey. The total amount of transactions in the year 2006 was about 460 million US dollars.

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

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On Agreement between Vnesheconombank and the Nordic Investment Bank

8 february 2007 года
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Press Release, 07.02.2007

Today, Vnesheconombank  and Nordic Investment Bank (NIB) 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 NIB Executive Vice President Nils Emilsson.

The agreement provides for promoting long-term partnership between Vnesheconombank and the NIB in assessing and further structuring of major investment projects.

Under the agreement the financial institutions are determined to assist PPP participants in selecting optimal schemes of financing major investment projects including project financing, financing with the participation of export credit agencies as well as other financial instruments used in the international capital markets.

The two sides also intend to hold consultations upon making arrangements for financing projects and explore possibilities for financing them jointly.

The signing and further implementation of the agreement are designed to promote PPP principles as an effective form of cooperation between the state and private business in carrying out major nationally meaningful projects.

The Nordic Investment Bank is one of leading international financial institutions. It was established in 1975. At present, its member countries are Denmark, Iceland, Norway, Finland, Sweden, Estonia, Latvia and Lithuania. The Bank’s top priority lines of business include carrying out investment projects in high-technology industries both on member countries’ territories and abroad, financing infrastructural projects as well as projects aimed at introducing innovative technologies to protect the environment.

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

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