Vnesheconombank Intends to Participate in a Project on the Development of the Vladivostok International Airport
In the course of the Petersburg International Economic Forum-2013, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ the Administration of the Primorsky Territory, OJSC the Far East and the Baikal Region Development Fund (Vnesheconombank Group) and Changi Airport International entered into a Memorandum of |Understanding. The parties agreed to implement a project on the development of the Vladivostok International Airport and airport infrastructure
On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev, on behalf of the Administration of the Primorsky Territory – by Governor Miklushevsky, on behalf of the Far East and the Baikal Region Development Fund by – Director General Pavel Grachev and on behalf of Changi Airports International - by Chief Executive Director Lim Liang Song.
Under the Memorandum the Far East and the Baikal Region Development Fund intends to take an active part in implementing the project on transforming the airport into a major transport hub in the Far East.
In order to prepare a plan for the comprehensive development of the Vladivostok airport as well as develop a route network, operate and maintain the airport the parties intend to use best practices of Changi Airports International.
The parties are sure that the project’s implementation would help to expand access to air transportation for residents of the Far East, increase their mobility, develop the region’s infrastructure and create new jobs.
Changi Airports International (CAI) is a 100% subsidiary and international arm of Changi Airport Group, an operator of the Changi airport in Singapore (it was recognized several times as the best airport in the world under Skytrax rating). In 2012, the airport served 51 million passengers. More than 100 airlines use its services. They run flights to 250 cities in 60 countries in the world. CAI invests in airport assets as well as offer consulting services in airport management. Specifically, nowadays the company is participating in a project to modernize the International Airport of Brunei (consulting, project management at a construction stage). It manages the Dammam International Airport. Its recent investment projects include the purchase of a 26% stake in Bengal Aerotropolis Project Limited and a 30% stake in a joint venture that owns and manages 4 airports in the Krasnodar Territory in the South of Russia.
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Vnesheconombank and the International Bank for Economic Cooperation Agree to Cooperate
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the International Bank for Economic Cooperation (IBEC) entered into an Agreement on Strategic Cooperation.
On behalf of Vnesheconombank the Agreement was signed by Chairman Vladimir Dmitriev and on behalf of IBEC – by Vladimir Bely and Board Member Egidiu Hentes.
The Agreement is designed to establish long-term cooperation in project and trade financing. The parties intend to focus on their joint participation in implementing foreign economic projects aimed at the state’s support for industrial exports including support for the export of Russian products and services to IBEC member countries.
Under the Agreement the parties are also to give high priority to their participation in implementing projects of national significance to be carried out on PPP principles including projects on the construction of infrastructure facilities as well as facilities designed to secure the functioning of special economic zones.
The parties also agreed to fund programs of supporting small and medium-sized enterprises in Russia and IBEC countries, participate jointly in investment funds as well as share business experience and information in various fields related to financial institutions activity.
The International Bank for Economic Co-operation was established in 1963 in Moscow. The Bank's member countries are: the Republic of Bulgaria, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic and the Czech Republic. In accordance with a decision of the Council of the IBEC the Bank's Balance Sheet has been kept in euros. The IBEC's authorized capital is 400 million euros. The Bank has a broad network of correspondent banks in the IBEC member countries as well as in other countries.
Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru