On Signing Agreement between Vnesheconombank and MPRK GRAS

17 september 2010 года
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As part of the 9th Sochi-2010 International Investment Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and GRAS Interregional Production and Resource Corporation signed an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of MPRK GRAS – by its Board Director Ruben Khudoyan.

The Agreement aims to establish strategic partnership and promote long-term, effective and mutually beneficial cooperation in implementing investment projects and programs of MPRK GRAS in the construction materials industry and housing construction.

Under the Agreement the parties agreed to make joint efforts to organize and complete financing of the Program of Building Modern Integrated Facilities to Manufacture and Construct Energy-Efficient, Environment-Friendly Economy-Class Housing. The Program includes the following projects of MPRK GRAS:

  • projects to build production facilities to manufacture aerated concrete blocks and plates in the Saratov and Vladimir regions, the Stavropol and Krasnodar regions;
  • projects in the development and comprehensive territory development sector implemented by MPRK GRAS subsidiary and affiliated companies;
  • programs of encouraging demand for MPRK GRAS subsidiary and affiliated companies’ property under development by mortgage-backed lending through Vnesheconombank’s subsidiary banks;
  • other projects meeting efficiency standards and having positive budgetary and social indicators.

As part of implementing the Agreement, Vnesheconombank plans to conduct expert examination of investment projects, provide consulting services in preparing documentation on investment projects, raise funds to finance investment projects provided that appropriate decisions are made by the Bank’s corporate governance bodies.

The GRAS Group of Companies is a Russian company implementing projects in the construction industry, real property management, development and consulting. GRAS Interregional Finance Corporation is an operator of the GRAS Group of Companies in building different-purpose facilities and Interregional Production and Resource Corporation is an operator of the Group in the construction materials manufacturing sector.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608—46-83, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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On Opening the Sochi Air Terminal Complex

16 september 2010 года
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A ceremony to open an air terminal complex of the Sochi International Airport took place in the city of Sochi.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ acted as a key creditor of the project. In 2009, Vnesheconombank and OJSC the Sochi International Airport signed an Agreement providing for Vnesheconombank to open a credit line for OJSC the Sochi International Airport for an amount of 5.7 billion rubles for a period of 10 years. The funds provided on the principles of project financing were intended for financing the construction of the air terminal complex as well as for refinancing the company’s debt to the federal budget as well as for repaying commercial banks’ credits raised earlier.

Under the Resolution of the Russian Government “On the Programme to Build Olympic Facilities and Develop the City of Sochi as a Mountain Climate Resort”, the Sochi International Airport Modernization Project was granted a status of Olympic facility.

OJSC the Sochi International Airport is incorporated in the aviation sector of Bazovyi Element Company. Since 2007 the airport has been managed by Bazel Aero. Bazel Aero was established in 2007 and is a company responsible for managing airports. The Sochi International Airport is among Russia’s ten largest airports and ranks as seventh by passenger flow.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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