OREANDA-NEWS. November 17, 2008. The Bank of Moscow, in its capacity of a strategic partner of OJSC "Russian Railways" and jointly with this Corporation, has signed a Package of Initiatives on Financing the Real Sector of Economy. The initiatives of the parties to the agreement focused on improvement of terms of refunding for bank credits granted for implementation of the OJSC "RZhD" investment programme. The document will be submitted for examination to the Central Bank of Russia as well as to the Presidential Council on Development of Financial Markets in the Russian Federation.

"Support of projects in infrastructural renovations becomes especially important at the time when the railway transport of Russia is going through the period of active restructuring, which is happening amid the country’s continuing, despite the current world-wide crisis, economy growth and commercial turnover", — said Vladimir Yakunin, President of OJSC "RZhD".

"Despite the complicated market situation, we consider the initiatives of OJSC "RZD" to be the key to implementation of large-scale state projects, — said Elena Volkova, Senior Vice-President of the Bank of Moscow. — Participation in financing of projects of OJSC "RZhD" is regarded by the Bank of Moscow not only as its contribution into developing the country’s infrastructure and economy but also as its socially significant obligation".

The Bank of Moscow has been enjoying cooperation with OJSC "RZhD" since 2003. In June 2008 Andrei Borodin, President of the Bank of Moscow, and Vladimir Yakunin, President of OJSC "RZhD" signed an Agreement on Cooperation. Over the 5-year partnership the Bank has given OJSC "Russian Railways" over USD 25 billion in credit resources.