OREANDA-NEWS. March 27, 2012. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC Lenenergo (a subsidiary of OJSC Holding MRSK) signed a credit agreement on extending 4.7 billion rubles for a period of 8 years to fund the electric power grid company’s investment program.

On behalf of Vnesheconombank the agreement was signed by Vnesheconombank Deputy Chairman Mikhail Poluboyarinov and on behalf of OJSC Lenenergo – by its Director General Andrei Sorochinsky.

This agreement was concluded to build on the Memorandum signed in 2010 on Cooperation between Vnesheconombank and OJSC Holding MRSK. In November of 2011, Vnesheconombank opened a credit line for OJSC MOESK (a subsidiary of OJSC Holding MRSK) in the amount of 4.8 billion rubles.

Cooperation between the parties is aimed at implementing investment projects implemented by OJSC Holding MRSK Group of Companies and designed to boost energy efficiency of the Russian electric power grid infrastructure, ensure reliable electricity supplies to consumers and reduce failure rates and power losses in distribution power-grids.

OJSC Holding MRSK is a company operating in the electric power industry of the Russian Federation combining inter-regional distribution power grid companies, research and design institutes, building, construction and sales organizations. 97 branches of MRSK Holding are located in 69 constituent entities of the Russian Federation.