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Vnesheconombank and LLC Port Sochi Imeretinsky Sign a Credit Agreement

12 march 2009 года
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State Corporation ‘Bank for Development and Foreign economic Affairs (Vnesheconombank)’ and LLC Port Sochi Imeretinsky entered into a Credit Agreement on extending long-term financing for an amount of 4 billion rubles.

On behalf of Vnesheconombank the Agreement was signed by Management Board Member, Vnesheconombank Deputy Chairman Anatoly Ballo and on behalf of LLC Port Sochi Imeretinsky - by its General Director Vladimir Sheyanov.

The funds are intended for financing the Sochi Port Cargo District Construction Project in the estuary of the river Mzymta.

The construction of the port is needed to timely supply building materials to construction sites of Olympic facilities. In the future, after commissioning Olympic facilities, the cargo port is planned to be reequipped into a modern yacht marina meeting all international standards.

The project is to be funded by Vnesheconombank on the principles of project financing.

The Agreement was made within general approaches to financing Olympic facilities approved by Vnesheconombank’s Supervisory Board.

The Sochi Port Cargo District Construction Project in the estuary of the river Mzymta, with the cargo port to be later transformed into a yachting infrastructure was granted Olympic Facility Status under the Russian Government Resolution “On the Program of Building Olympic Facilities and Developing the City of Sochi as the Mountain-Climate Resort”.

LLC Port Sochi Imeretinsky is under the management of the Managing Directorate “Port’s Business of the Company “Basic Element”.

LLC Company Basic Element is a diversified investment company established in 1997 with assets in Russia and abroad.

LLC Port Sochi Imeretinsky was established in2007to develop project documentation for building and operating the Sochi Port Cargo District in the estuary of the river Mzymta, with a transshipment volume of 5 million tons of cargoes per year to supply building materials to Olympic facilities in the city of Sochi.

 

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


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