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Posted: January 21, 2010
RUSNANO and Gazprombank to Cooperate in Funding Nanotechnology Ventures
(Nanowerk News) Chairman of the Management Board of Gazprombank Andrey Akimov and Director General of RUSNANO Anatoly Chubais have signed a memorandum of cooperation.
The document sets forth the primary areas of cooperation between RUSNANO and Gazprombank: each party will regard the other as a strategic partner with the goal of coordinating efforts to develop innovative nanotechnology infrastructure and to realize projects offering promising nanotechnology and advances in the nanoindustry.
Gazprombank has expressed willingness to organize long-term credit (up to ten years) for the corporation under guarantees from the Government of the Russian Federation. The Bank is also prepared to set a credit limit for RUSNANO in the amount of 20 billion rubles. Moreover, Gazprombank will consider extending loans of up to ten billion rubles for as long as seven-year terms to companies implementing nanotechnology projects. It will, as well, consider allocation of funds for acquisition of foreign equipment for up to five billion rubles using guarantees from export credit agencies and with the surety pledge of the corporation. Finally, Gazprombank will consider making equity investments of up to five billion rubles in project companies.
RUSNANO, for its part, has announced that it intends to use, on a competitive basis, the financial consulting services of the bank whenever the corporation is involved in structurally complicated deals, organizes syndicated financing, issues infrastructure bonds, and arranges project financing using other long-term instruments.
In furtherance of the memorandum, the bank and the corporation have established a working group, with representatives from both sides, to oversee collaboration in specific projects.
Gazprombank (Open Joint-Stock Company) is one of the leaders of the banking sector, which key performance indicators place the Bank among the top three banks of Russia and the fifth among the largest banks of the Central and Eastern Europe.
Gazprombank as universal financial institution delivers a wide range of banking and investment services to about 43,000 corporate and 2 million private clients.
At present, Gazprombank operates 8 subsidiary and affiliated banks in Russia, Belarus, Armenia and Switzerland, representative offices in China and Mongolia, and 42 own branches across Russia. Gazprombank was twice awarded by The Banker Magazine as “The Bank of the Year in Russia” in 2001 and 2005.