OREANDA-NEWS. October 1, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, DZ BANK AG Deutsche Zentral-Genossenschaftbank (Germany) and AKA Ausfuhrkredit-Gesellschaft (Germany) signed an individual Credit Agreement.

Funds to be raised by Vnesheconombank will be used to finance the supplies of German equipment under the contract between LLC Volzhsk Construction Materials Factory (the Republic of Mari El) and MASA-Henke Maschinenfabrik GmbH (the city of Porta Westfalica).

Cooperation is carried out within Vnesheconombank’s participation in the aerated concrete factory construction project in the city of Volzhsk (the Republic of Mari El) with an annual capacity of 600 thousand m3. The project provides for building a factory to manufacture products from aerated concrete for building low-rise housing with the use of German module home building technology.

This Credit Agreement was made to build on the framework agreement signed in 2005 between Vnesheconombank and AKA Ausfuhrkredit-Gesellschaft (the city of Frankfurt on the Maine).

DZBANK Group is a part of the financial cooperative association -  FinanzVerbund, which incorporates about 1200 German cooperative banks includin  Volksbanken and Raiffeisenbanken. Within the FinanzVerbund financial association DZ BANK is a central bank for more than 1000 German cooperative banks.

Limited liability company AKA Ausfuhrkredit-Gesellschaft (Germany) was established in 1952. It is designed to support German exports. 20 German banks are its shareholders.