OREANDA-NEWS. June 22, 2010. In the course of the 14th St. Petersburg International Economic Forum State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank) and OJSC LSR Group signed an Agreement on Cooperation in Implementing Investment projects and Programs.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and behalf of OJSC LSR Group – by its General Director Igor Levit.

The Agreement aims to establish strategic partnership, promote long-term, effective and mutually beneficial cooperation between the parties in implementing OJSC LSR Group’s investment projects and programs in building materials manufacturing and housing construction sectors.

Under the Agreement signed, the parties intend to make joint efforts to manage and complete the financing of the cement plant construction project in the city of Slantsy of the Leningrad region, the brick-making plant construction project in the Kirov district of the Leningrad region and projects in development and complex building development sectors.

The Agreement signed provides for the parties to participate in the programs aimed at encouraging demand for real property developed by OJSC LSR Group’s subsidiary and related companies by way of arranging mortgage lending through Vnesheconombank’s subsidiary banks, the Agreement also provides for the parties to participate in other projects meeting  performance criteria and having positive budget and social indicators.

The total value of the said projects and programs is in excess of 28 billion rubles.

Under the Agreement Vnesheconombank plans to conduct expert’s examination of investment projects in compliance with requirements set forth by the Memorandum on Vnesheconombank’s Financial Policies, provide consulting services upon preparing documentation, arrange financing of investment projects among other things on the basis of public private partnership principle provided that appropriate decisions are approved  by  Vnesheconombank’s  corporate governance bodies.