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Ust-Luga Company and Vnesheconombank Enter into an Agreement on Cooperation

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)’, OJSC Ust-Luga Company and the Federal Project Finance Center (OJSC FPFC) entered into an Agreement on Cooperation in implementing a project on the comprehensive development of the Ust-luga trade port and the adjacent area.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, OJSC Ust-Luga Company Board Director Valery Israilit and OJSC FPFC Irina Minskaya.

The parties intend to promote cooperation to coordinate a strategy and fund a top-priority investment project of the North-West Federal District that is being implemented by Ust-Luga Company.

The program of the comprehensive development of the Ust-Luga trade port and the adjacent area provides for creating several interrelated clusters in the Kingisepp district of the Leningrad region. Under the project an industrial zone is planned to be created. The zone’s production facilities are to specialize in hydrocarbon deep processing. There are also plans to build a new city, develop a transport logistics center, a recreation zone and an agro-industrial cluster.

The Agreement signed is a start of a strategic partnership between Vnesheconombank and Ust-Luga Company. The project’s joint implementation would contribute to Russia’s effective integration into the world’s economic space.

State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” was established in 2007 in conformity with Federal Law On Bank for Development” through a transformation of Bank for Foreign Economic Affairs of the USSR. Bank for Development is one of the key instruments for implementing the state economic policy aimed at removing infrastructure restrictions that impede economic growth, enhancing efficient utilization of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs).

OJSC UST-Luga Company was established in 1992 for the construction of a new sea trade port in Luzhsk Bay of the Gulf of Finland. Today the Company is implementing a project on the comprehensive development of the Ust-Luga sea trade port and the adjacent area. The project provides for creating five interrelated clusters such as transport-logistics, industrial, city, recreation and agro-industrial clusters. The project included in the List of top-priority investment projects of Russia’s North-West is being implemented on the principles of public private partnership and it is also based on the principles of sustainable development that provide for maintaining a balance between ecological equilibrium, economic stability and social welfare. 

OJSC The Federal Project Finance Center (FPFC) was set up under the Resolution of the Russian Government dated June 2, 1995 in order to prepare and implement projects provided for by the agreement between the Russian Federation and international financial institutions as well as projects funded through using funds raised from other foreign sources. In November of 2010, Vnesheconombank became FPFC’s single shareholder.

 

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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