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Vnesheconombank and United Industrial Corporation Sign Memorandum

15 february 2008 года
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Today on February 15, in the course of the Fifth Krasnoyarsk Economic Forum State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the United Industrial Corporation entered into a Memorandum on Cooperation in carrying out two projects of national significance and implemented within public private partnership.

The Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and United Industrial Corporation President Alexandr Gnusarev.

Under the Memorandum two projects are to be carried out:

  1. Construction of a rail branch line Kyzyl – Kuragino as well as a phased development of the Elegest coking coal deposit;
  2. Construction of a modern shipbuilding facility for manufacturing high-technology types of sea civil and military ships on the basis of Severnaya Verf’s production facilities.

The first project is aimed at building a 400-kilometer rail branch line, a 38-kilometer spur track and at a phased development of a coking coal deposit near the city of Kyzyl in the Tyva Republic. The maximum amount of investment in this project is about 125 billion rubles of which 49.3 billion rubles is to be allocated from the Russian Investment Fund. The project is being carried out in order to overcome economic growth infrastructure restrictions in the Tyva Republic and increase the region’s budget revenues to eliminate the need for subsidizing the region.

The second project provides for building the largest dry dock in Russia with auxiliary production facilities, reconstructing and modernizing Severnaya Verf’s existing shops and infrastructure. The amount of money expected to be invested in the project is 13.72 billion rubles. The project is aimed at building a modern competitive shipbuilding production facility in the North-West of Russia.

Both projects will be launched in the year 2008.

Under the Memorandum Vnesheconombank is considering the possibility of acting as an organizer of financing for the projects provided that they are in line with the Memorandum on the Bank for Development’s Financial Policy.

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7(495) 608-46-93, Fax: +7(495) 975-41-34
E-mail: press@veb.ru
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