JAPAN BANK FOR INTERNATIONAL COOPERATION (JBIC) has signed a $32-million credit agreement with Russia’s VNESHECONOMBANK (VEB). VEB will use the funds to finance production projects at the Orsk Compressor Plant in Russia’s Orenburg Region. The projects are part of a state support program for enterprises of paramount importance for regional development. Financial backing will come not only from JBIC but also from SUMITOMO MITSUI BANKING CORPORATION. The contract has been signed under terms of a memorandum of mutual understanding between Russia and Japan.
Source: VNESHECONOMBANK PRESS SERVICE, June 19, 2006
