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Vnesheconombank, Krasnoyarsk Territory Administration Council and CJSC CHEK-SU.VK Enter into Agreement

16 february 2008 года
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Today on February 16, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Krasnoyarsk Territory Administration Council and CJSC CHEK-SU.VK entered into an Agreement on Cooperation.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, Krasnoyarsk Territory Govenor – Krasnoyarsk Territory Administration Council Chairman Alexandr Khloponin and CJSC CHEK-SU.VK Board Director Viktor Khrolenko.

The Agreement formulates fundamental principles of the three sides’ cooperation in carrying out a mining and smelting complex construction project aimed at developing the Usinsk deposit of manganese ores and constructing a smelter in the city of Krasnoyarsk.

The smelter will be designed with due regard to Russian and international requirements for environmental safety.

Under the Agreement Vnesheconombankin will make a financial appraisal of the project and participate in working out financing schemes and act as an arranger and co-arranger for financing the project. The Bank’s participation in funding this project is in line with principles, main lines of business and industrial priorities of Vnesheconombank’s investment activity stipulated in the Memorandum of the Bank’s Financial Policy.

The implementation of this project would dramatically reduce the import of ferroalloys into the Russian Federation and will help:

  • address social problems of the region by building social, road and housing infrastructure in West Siberian poorly developed territories and create additional jobs ( more than 2500 jobs);
  • raise people’s incomes and living standards in the region;
  • increase tax revenues to budgets at all levels;
  • expand businesses involved in building a mining and smelting complex.

Thus, the development of the Usinsk deposit of manganese ores and the construction of a smelter in the city of Krasnoyarsk will not only contribute to the development of the Krasnoyarsk Territory’s, the Khakasia Republic’s and the Kemerovo region’s economy but will also result in implementing measures being adopted by the Russian Government to develop the Russian smelting industry (including manufacturing of special steels) for a period till 2015.

 

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

 
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