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25 May 2011

Russian Highways and Sberbank Russia sign memorandum of understanding and cooperation

On Wednesday, May 25 a memorandum of understanding and cooperation was signed in Sberbank headquarters between Sberbank and the State Company Russian Highways. It calls for interaction and cooperation in financing projects implemented by the state company in the framework of its long-term program of activities, including concession projects, as well as Sberbank assistance in the design of other schemes to implement investment projects on the basis of public-private partnership.

Sberbank Russia Deputy Board Chairman A.M. Donskikh and First Deputy CEO of the state company for investment and financial issues S.V. Kelbakh participated in the signing ceremony. The parties said the framework document stipulated the main cooperation guidelines between the bank and the state company related to common interests in financing:

  • road infrastructure project examination;
  • direct financing of investment projects of the state company;
  • provision of bank guarantees for borrowings of the state company; 
  • participation in emission activities of the state company.
Besides, the parties agreed to develop cooperation in the framework of the concept to form the investment fund of the state company, introduce and develop electronic payment systems with the use of universal cards.