Credit of Confidence to Vnesheconombank
Published 19.04.2005
Yesterday, in the course of Russian President Vladimir Putin's working visit to Hanover, Vnesheconombank (VEB) signed two most important documents: an agreement on extending a credit line with AKA Ausfuhrkredit-Gesellshaft m.b.H and an addendum to the framework loan agreement on financing projects in the Russian Federation with Deutsche Bank AG. Taking into account VEB's status and its long-time cooperation with the Bank, its German partners extended a credit without sovereign government guarantee. Project financing under the credit line with AKA Ausfuhrkredit-Gesellshaft m.b.H is to be effected against the Insurance Company Hermes' guarantee. The Agreement provides for financing projects on favourable financial terms and promotes long-term interests of Russian importers of high-technology goods and German suppliers. The Addendum to the Framework Agreement with Deutsche Bank AG signed in 2002 allows to increase its potential. From now on, the Addendum makes it possible to finance the supplies of equipment and services not only from Germany but also from other European countries where Deutsche Bank AG has its branches. Projects are to be insured against guarantees given by national insurance agencies of these countries. Under the Agreement "projects are to be carried out in Russian aircraft, shipbuilding, energy, telecommunications and mechanical engineering industries, - said VEB Chairman Vladimir Dmitriev. - The funds to be made available will encourage Russian companies to produce import-substituting products. The main goal is to modernize the Russian manufacturing industry. The implementation of projects under these agreements will have a positive impact on developing relations between Russia and European Union countries".
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