OREANDA-NEWS. December 18, 2012. State corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK AG), Frankfurt am Main concluded loan agreements to finance a project aimed at creation of the first innovation technological park on territory of Chechen Republic.

The loan agreements were signed by Mr. Alexander Ivanov, Deputy Chairman, on behalf of Vnesheconombank and by Mr. Manfred Fischer, Managing Director, on behalf of DZ BANK AG.

DZ BANK AG provided a 10-year facility of up to EUR42 million, insured by the German export credit agency Euler Hermes, for financing of 85% of the German equipment supply contracts and up to 100% of the respective insurance premium.

A 7-year, up to EUR7 million commercial facility was also raised by Vnesheconombank from DZ Bank AG.

The project is implemented by ZAO “Kazbek Innovation Construction Technological Park”. The total project value is 5 billion rubles, with Vnesheconombank’s commitment being 4.4 billion rubles. The technological park comprises four interlinked modern construction materials production lines: autoclaved aerated concrete blocks and panels, fibre cement sheets, dry mix mortar, burned lime.

DZ BANK AG is the fourth largest bank in Germany and the central institution for more than 900 German cooperative banks and their 12,000 branch offices. Within the Volksbanken Raiffeisenbanken cooperative financial network, which is one of Germany’s largest private-sector financial services organizations, the DZ BANK AG functions both as a central institution and as a corporate and investment bank. DZ BANK AG has its affiliates in London, New-York, Singapore and Hong Kong, its daughter banks and representative offices all over the world. Its Russian Representative office has been operating since 1989, and is actively involved in establishing business ties between the German and Russian enterprises and assisting to raise various kinds of financing under investment projects implemented by Russia’s largest enterprises.