State Corporation, Bank for Development and Foreign Economic Affairs (“Vnesheconombank”) and Portuguese Bank Caixa Geral de Depositos, signed a Framework Credit Agreement.
The Document was signed by Vnesheconombank Deputy Chairman Sergey Vasilyev and Member of the Board of Caixa Geral de Depositos Pedro Cardoso.
According to the Document Caixa Geral de Depositos made available a credit facility for Vnesheconombank in the amount of EUR 200 mln.
Under the Agreement the funds made available within the credit line could be used to finance purchase of Portuguese goods and services by Russian importers with insurance coverage under the credit to be provided by the Portuguese export credit agency COSEC. In accordance with the terms and conditions of the Document the share of goods and services of Portuguese origin is to be more than 60% of the total value of the contract.
The signing of the Framework Credit Agreement with Caixa Geral de Depositos will contribute to the business cooperation and the development of trade and economic relations between the two countries.
CGD is the largest Portuguese state-owned bank, it occupies first place in the country in terms of total assets. The bank was founded in 1876. Long-term credit ratings: Moody’s – Aa1, Standard and poor’s – A+, Fitch Ratings – AA-.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
nesheconombank and Novgorod Region Administration Enter into Agreement
Today on April 11, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Novgorod region Administration entered into an Agreement on Cooperation.
The Agreement was signed by Vhesheconombank Chairman Vladimir Dmitriev and Novgorod region governor Sergei Mitin.
The Agreement aims to establish strategic partnership and promote long-term, effective and mutually beneficial cooperation between the two sides in the investment activity.
Under the Agreement the two sides are determined to cooperate in raising funds to finance investment projects, the implementation of which is planned on the territory of the Novgorod region, specifically, top priority is given to projects in power engineering, timber processing and construction materials manufacturing. A list of such projects is to be made on an annual basis taking into account socio-economic development priorities of the Novgorod region and Vnesheconombank’s main lines of activity.
The implementation of this Agreement would help to address high-priority objectives of the region’s economic development and boost its economic and industrial potential.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46 93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru