Vnesheconombank, MAN Ferrostaal AG and Russia’s Union of Timber Industrialists and Timber Exporters Sign Agreement
Today, on February 15, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, MAN Ferrostaal AG and Russia’s Union of Timber Industrialists and Timber Exporters signed an Agreement on Establishing a Joint Investment-Engineering Company in the timber industry.
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, MAN Ferrostaal Board Director Matthias Mitscherlich and Russia’s Union of Timber Industrialists and Timber Exporters Vice President Andrei Frolov.
The three sides are determined to establish a joint investment-engineering company – RUSLES – Engineering for designing and turnkey construction of new modern timber processing facilities with the use of advanced technologies in pulp-and paper and timber processing industries.
Under the Agreement the projects carried out by the Company would help speed up the expansion of domestic production facilities designed to deeply process wood, manufacture high value-added products, make domestic timber and paper products more competitive, promote Russia’s national interests in the world’s trade in timber and minimize negative impact of newly established timber processing facilities on the environment. The operation of the company to be established would allow to ensure sustainable, balanced development and rebuilding of Russia’s timber resource base in order to avoid a gap between the expanding timber industry’s demand in timber resources and their supply.
Vnesheconombank’s participation in establishing the said company is in line with the Bank’s principles, its main lines of business and industrial priorities (timber processing industry) stipulated in Vnesheconombank’s Memorandum on its Financial Policy and it is also aimed at implementing the Concept of Developing Russia’s Timber Industry for 2003 – 2010 and the Federal Target Program “ Expansion of Production Facilities for Deep Timber Processing and Development of New Timberlands for a Period till 2015.
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
Vnesheconombank and European Bank for Reconstruction and Development Sign Memorandum on Cooperation
Today on February 13, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the European Bank for Reconstruction and Development (EBRD) entered into a Memorandum on Cooperation.
The Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and EBRD President Jean Lemierre
Under the Memorandum the two sides are determined to jointly finance projects in transport infrastructure, power engineering, communal services and environment protection as well as projects that would contribute to the Russian economy’s diversification and its innovative development.
In order to cooperate effectively in carrying out investment projects including those within public private partnership the two sides agreed to further work out optimal mechanisms for financing projects’ initial stages.
Under the Memorandum Vnesheconombank and the EBRD are also determined to explore the possibilities to jointly finance projects in the Russian regions aimed among other things at supporting small and medium-sized business.
The Memorandum also provides for establishing a joint working group, which will be responsible for promoting cooperation and coordination between the two financial institutions.
As Vnesheconombank Chairman Vladimir Dmitriev stressed, the signing of the Memorandum creates favorable conditions for joining forces, intellect and best practices of the two financial institutions.
The EBRD President said that “our cooperation is supposed to speed up the very economic processes for encouraging which our both banks were established. There are a lot of things we can and must learn from each other and Russia is in a position to hope that our joint efforts would have a profound impact on the development of Russia’s key economic sectors”.
Vnesheconombank’s participation in implementing the Memorandum signed is in line with the Bank’s principles, its main lines of business and industrial priorities of its investment activity stipulated in the Memorandum on the Bank’s Financial Policy.
The EBRD’s investment instruments owned by 61 countries and two international organizations are being used to build market-oriented economy and democracy in 29 countries ranging from Central Europe to Central Asia.
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