Vnesheconombank Signs Agreement with Sumitomo Mitsui Banking Corporation Europe (SMBCE)

2 march 2007 года
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Press Release. 01.03.2007

Today, on March 1, Vnesheconombank and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE) signed an agreement on cooperation in supporting joint projects including projects carried out within the Public Private Partnership (PPP).

The agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and SMBCE Senoir Managing Director Shuntaro Higashi.

The agreement provides for promoting long-term partnership between Vnesheconombank and SMBCE in assessing and structuring major investment projects.

Under the agreement financial institutions are determined to assist project participants in selecting optimal financing schemes using instruments of structural financing and funds attracted against insurance coverage of export insurance agencies as well as capital markets instruments.

The two sides are also determined to hold joint workshops on attracting funds to finance infrastructural projects in Russia including projects in telecommunications, aircraft industry, shipbuilding, power engineering, industrial and transport infrastructure.

The signing and further implementation of the agreement is aimed at introducing PPP principles as an effective form of cooperation between the state and private business designed to carry out major national projects.

Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE), London, Great Britain is a subsidiary bank of Sumitomo Mitsui Banking Corporation, Tokyo, Japan (SMBC). Sumitomo Mitsui Banking Corporation was established in 2001 by merging Sakura Bank and SumitomoBank and is one of the largest Japanese banks. At present, SMBC is a key constituent part of Sumitomo Financial Group which is included in Top-20 world financial and credit institutions according to the Banker Journal.  

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone:  +7 (495) 208-46-93. Fax: +7 (495) 975-21-34
E-mail: press@veb.ru

 


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