OREANDA-NEWS. January 27, 2010. State corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and SNC-Lavalin, Canada, signed the constituent documents on establishment of VEB-Engineering LLC, a specialized subsidiary of Vnesheconombank with foreign participation.

On behalf of Vnesheconombank, the document was signed by Vladimir Dmitriev, Chairman. SNC-Lavalin was represented by Pierre Duhaime, President and Chief Executive Officer.

In September 2009, the Supervisory Board of Vnesheconombank approved the establishment by Vnesheconombank of a specialized company with foreign participation to provide engineering support for investment projects implemented by the Bank. The company would perform expert evaluation of project documentation, as well as technological and financial audit. Furthermore, VEB-Engineering LLC would exercise control over targeted and efficient use of funds channeled by the Bank into the construction of various facilities, including the Olympic ones. Organization of training for management and technical staff is another area of the Company’s activities.

SNC Lavalin, Canada, a leading global engineering and project management company, was chosen as the Bank’s partner in VEB-Engineering LLC to act as one of the company’s co-founders.

The specialized engineering company created with participation of Vnesheconombank and SNC-Lavalin would help establish a competence centre required for managing Vnesheconombank’s major investment projects of state dimension. Moreover, the newly established company making the best use of leading-edge technologies and drawing on the experience of SNC-Lavalin would participate as a project engineer in other major projects to be implemented on the territory of the Russian Federation.

SNC-Lavalin (TSX:SNC) is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 35 other countries around the world, and is currently working in some 100 countries.