On Signing Agreement between Vnesheconombank and the State Company Russian Highways
As part of the 9th Sochi-2010 International Investment Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the State Company Russian Highways signed a Memorandum of Understanding and Cooperation.
On behalf of Vnesheconombank the Memorandum was signed by Management Board Member, Vnesheconombank Deputy Chairman Anatoly Ballo, on behalf of the State Company – by Board of Directors First Deputy Chairman Sergei Kelbakh.
The Memorandum, concluded for a period of five years, aims to establish and to further promote mid-term strategic business partnership in the investment activity.
The Memorandum provides for the parties to jointly implement investment projects in the infrastructure sector on the principles of public private partnership, cooperate in the field of investment activity strategic planning, and ensure the development and application of innovative methods and technologies in implementing joint projects.
Specifically, the parties plan to cooperate in the following main lines of activity:
planning and development of mechanisms for implementing investment projects on the principles of public private partnership and requirements for assessing their financial and budget efficiency;
arrangements for financing projects selected by the parties with raising various types of borrowed funds including bond issues and bank credits;
providing security in the form of bank guarantees and counter-guarantees for investment agreements to be made including concession agreements;
developing a concept for forming and running the State Company’s reserve fund.
The parties are to cooperate on the basis of mutual benefit and trust.
Press Office of Vnesheconombank
Russia 107996, Moscow, Academician Sakharov Avenue, 9
Phone: +7(495) 608-46-93, Fax: +7 (499) 975-21-34
Press Office of State Company Avtodor
109074, Moscow, Slavyanskaya square, 2/5/4, building 3
Phone: +7 (495) 784-68-80, Fax: +7(495) 784-68-04
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