OREANDA-NEWS. December 09, 2010. Today, in the course of the first French-Russian Financial Forum in Moscow, State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and Banking Group BNP Paribas, concluded a Memorandum of understanding. On behalf of Vnesheconombank the Memorandum was signed by its Chairman Mr. Vladimir Dmitriev, on behalf of BNP Paribas – by Advisor to the Chairman Mr. Jean Lemierre.

The document stipulates that Parties aim at cooperation in financing of the two projects implemented by OJSC “Evraziyskiy” together with French Company Degremont S.A., for construction of a sludge incineration plants on the territory of the sewage treatment facilities in the city of Sochi and in the city of Rostov-on-Don.

The project implemented in the city of Rostov-on-Don (within the “Clean Don Project”) provides for the construction and reconstruction of the Rostov-on-Don water disposal system’s elements to connect new consumers to the central water disposal system in the city and to improve the level and quality of waste water treatment.

The project implemented in the city of Sochi provides for the construction of a sludge incineration plant on the territory of the sewage treatment facilities in Adler’s district with a capacity needed for servicing the existing sewage treatment facilities in the city of Sochi. This project would give to new consumers on the territory of Sochi an access to the centralized water disposal system and enhance sewage water treatment quality by incinerating the sludge.

The Memorandum was signed due to the Export Credit Framework Agreement concluded earlier between Vnesheconombank and BNP Paribas in view of investment project financing in the Russian Federation.

BNP Paribas is a European leader in global banking and financial services, and one of the six strongest banks in the world according to Standard & Poors. Present across Europe through all its business lines, the Group has four domestic retail banking markets in France, Italy, Belgium and Luxembourg. It has one of the largest international networks with operations in 84 countries and more than 202.500 employees, of which 159.600 works in Europe, 15.000 in North America, and 11.100 in Asia. The BNP Paribas Group has key positions in its 3 core businesses which are Retail Banking, Corporate & Investment Banking, Investment Solutions.