The XV International Investment Forum Sochi 2016 saw Vnesheconombank and JSC Russian Railways sign a cooperation agreement.
For Vnesheconombank, the agreement was signed by Chairman Sergey Gorkov, for JSC Russian Railways – President Oleg Belozerov.
The parties have agreed to promote and expand strategic cooperation between the VEB Group and the Russian Railways Holding.
Sergey Gorkov: "This strategic agreement is of importance to us since JSC Russian Railways is the largest transport corporation in Russia. In its turn, our subsidiary VEB-Leasing is also a major player in the railway services market. We see the potential in terms of not only railroad cars but also special equipment, locomotives, and property complex.".
In compliance with the document, VEB will be a partner of the Russian Railways Holding to lease, rent out, or otherwise lawfully make available the Bank’s property to the Russian Railways Holding for any transactions of the latter.
Oleg Belozerov: "For us, leasing as an instrument to boost efficiency is taking centre stage. It will allow us to use our assets more efficiently. We need new, state-of-the-art and regularly modernized equipment. Leasing will make it possible.".
A task force comprising Vnesheconombank and JSC Russian Railways’ representatives has been set up to implement the agreement, as well as to select and negotiate optimal financing conditions for investment programmes and projects of the Russian Railways Holding drawing on the latest banking systems and technologies. Furthermore, the agreement provides for establishing joint ventures and other forms of incorporation, as well as acquisition of assets.
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