A Strategic Partnership Agreement and a Collaboration Program for the year 2003 were signed between Vneshtorgbank and SISTEMA JSFC in Moscow on February 5.

The Collaboration Agreement is designed to reinforce and promote mutually beneficial relations of partnership.

The Parties have agreed, within the framework of the Agreement, to arrange for one-stop banking services to be provided to SISTEMA JSFC and its subsidiaries. Under the terms of this Agreement, Vneshtorgbank will finance the Corporation's export and import operations, assist SISTEMA JSFC in improving and developing its international and domestic settlement system, take part in arranging financing for investment projects, including recruitment of strategic and financial investors, provide agency services in monitoring investment (including syndicated) credits and bond issues, and help the Corporation to launch its securities in the Russian and international markets.

For its part, SISTEMA JSFC will involve Vneshtorgbank in implementing its investment programs and working out forex financing terms for collaboration with foreign partners, propose the Bank for a role in implementing regional and interregional projects and programs developed with the Corporation's participation, involve the Bank in financial evaluation and appraisal of projects developed by the Corporation and its subsidiaries, and provide Vneshtorgbank with consulting and information services in building and renovating premises and in telecommunications.

The Collaboration Program, which is an integral part of the Strategic Partnership Agreement, identifies measures aimed at enhancing the efficiency of collaboration between the Parties on joint projects in 2003 in:

Construction and real estate;
Telecommunications;
Microelectronics; and
Travel and tourism.

The Strategic Partnership Agreement and the Collaboration Program were signed by Andrei Kostin, President and Management Board Chairman of Vneshtorgbank, for Vneshtorgbank, and SISTEMA JSFC President Yevgeni Novitsky for SISTEMA JSFC