OREANDA-NEWS. On October 16, 2007 in Moscow a three-party signing of loan agreements was held between JSC VTB Bank, Sumitomo Mitsui Banking Corporation (SMBС), Japan, and Japan Bank for International Cooperation (JBIC), Japan, to finance construction and putting into operation Sheremetyevo-3 terminal city worth USD 175 million, reported the press-centre of VTB.

The agreements signed envisage SMBC lending to JSC VTB Bank under the guarantee of JBIC on favourable pricing terms for a 12-year period. The main characteristic of the deal is that the loan is extended under the program of financing major infrastructure projects, which do not imply any delivery of Japanese equipment and services.

Such a long financing period is reflective of high confidence of Japanese banks to JSC VTB Bank, and also contributes to strengthening the cooperation between the two countries.

For reference:
Sumitomo Mitsui Banking Corporation, Tokyo (SMBC) was established in April 2001 through merger of Sakura Bank (established in July 1876 as Mitsui Bank) and Sumitomo Bank (operates since 1895). In December 2002, SMBC set up Sumitomo Mitsui Financial Group, Inc (SMFG), a holding company, which presently owns 100% of SMBC shares. In 2003, a merger of SMBC and Wakashio Bank took place. In terms of assets SMBC is ranked 2nd in Japan and 19th in the world. It has 437 branches in Japan and 20 branches abroad, with S&P ratings at A+ A-1.

Japan Bank for International Cooperation was established in 1999 through merger of Overseas Economic Cooperation Fund and Eximbank of Japan (opened in 1950). The Government of Japan holds 100% of its shares. In terms of assets JBIC is ranked 8th in Japan and 92nd in the world, with S&P ratings at AA- A-1+.