VTB Bank has signed a credit agreement with Mediobanca and a basic credit agreement with Intesa Sanpaolo SpA. The agreement with Mediobanca provides for issuing a five-year unrestricted bilateral credit, worth E200 million, to VTB Bank. The agreement with Intesa Sanpaolo SpA envisages a E100m credit line for VTB to finance the supplies of equipment and durable goods from Italy to Russia against the security of Italy’s SACE insurance agency for a period under 11 years. VTB and Mediobanca signed a E300m credit agreement to finance Italian exports to Russia against SACE security for periods of up to 10 years. As part of that agreement, projects worth a total of E80.8m were implemented.
Source: NOVECON, March 16, 2007
