OREANDA-NEWS. October 19, 2011. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and BTMU (Europe) Limited, London signed a framework credit agreement on providing Vnesheconombank with credit resources against export insurance agencies’ coverage.

Within this agreement an individual credit agreement was signed. Under the agreement BTMU is to provide Vnesheconombank with credit resources to fund the contract with Austria’s company Polytechnik Luft-Und Feuerungstechnik GmbH against the coverage of the Austrian state agency Osterreichische Kontrollbank AG (OeKB) for a period of 10 years.

The credit resources are intended for funding the first stage of the project to create a Far Eastern Timber Deep Processing Center. The project provides for the construction of a sliced veneer production facility with an annual capacity of 300 thousand cubic meters in the city of Amursk (the Khabarovsk Territory).

The total value of this project is 150.2 million U.S. dollars. In December of 2010, Vnesheconombank signed an agreement on providing credit resources worth 97.3 million U.S. dollars to OJSC Dallesprom (it is incorporated in EVRAZ Group S.A.). The concept of creating a Far Eastern Timber Deep Processing Center provides for building complementary timber processing integrated production facilities that ensure the non-waste use of timber logged by OJSC Dallesprom.

The Bank of Tokyo-Mitsubishi UFJ, Ltd (hereinafter referred to as BTMU) is Japan’s leading bank established through merging Bank of Tokyo-Mitsubishi and UFJ Bank. By assets amount, BTMU ranks first in Japan and is among the ten largest banks in the world. International rating agencies assigned “A”ratings to the bank. BTMU’s branch network has more than 800 subdivisions including a representative office and a subsidiary bank in Moscow as well as a subsidiary company –BTMU (Europe) Limited in Great Britain.