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Vnesheconombank raises credit resources to fund the construction of the Express-AM7 Satellite

22 june 2012 года
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In the course of the 16th Petersburg International Economic Forum State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ signed a framework multipurpose credit agreement as well as individual credit agreements with HSBC Group banks.

On behalf of Vnesheconombank the agreements were signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of HSBC Group by Co-Head of Global Markets Spencer Lake and European Deputy Head of Corporate and Institutional Banking Philippe Henry.

An individual credit agreement worth 124.6 million euros was signed to fund to fund the project on the construction of the Express-AM7 satellite. The project is being implemented by the Federal State Unitary Enterprise Space Communications (Kosmicheskaya Svyaz). Credit resources are to be made available for a period of 8 years against French Export Insurance Agency COFACE’s coverage.

The project aims to create, launch and operate the Expres-AM7 satellite to replenish and develop the Russian orbital group of civil communications and broadcast satellites as well as create conditions for intensive development of new information and communications technologies including providing consumers with a package of multi services and creating communications networks on the basis of VSAT technology.

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of 2.637 trillion US dollars as of early April of 2012, HSBC is one of the world’s largest banking and financial services organizations.
HSBC Group operates in Russia through OOO HSBC Bank (RR). HSBC Russia provides a wide range of corporate banking, investment banking and financial markets products and services to corporate and institutional customers.

 

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

 
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