In the course of the 14^th St. Petersburg International Economic Forum, State Corporation Bank of Development and Foreign Economic Activity (Vnesheconombank) and OJSC LSR Group signed the Agreement of Interaction in the Implementation of Investment Projects and Programmes. 

The document was signed for Vnesheconombank by Chairman Vladimir Dmitriev, and for OJSC LSR Group by CEO Igor Levit.

The purpose of the Agreement is to establish strategic partnership, develop long-term, effective and mutually beneficial cooperation of the parties in the implementation of investment projects and programmes of OJSC LSR Group in building materials production and housing construction.

In accordance with the Agreement, the parties intend to take joint actions with a view to organise and finalise the funding of the cement plant construction project at Slantsy, Leningrad region, the brick plant construction project in the Kirovsky district of the Leningrad region, and development and integrated territorial development projects.

The Agreement provides for the participation of the parties in programmes aimed at encouraging demand for the properties constructed by LSR Group’s subsidiaries and related companies by means of mortgage lending via Vnesheconombank’s subsidiary banks, and also in the implementation of other projects meeting the performance criteria and having positive budget and social indicators. 

The total value of the above projects and programmes is over RUB 28 billion.

Under the Agreement, Vnesheconombank proposes to review investment projects in compliance with the requirements set forth in the Financial Policy Memorandum of Vnesheconombank, provide consulting assistance in the development of documentation, arrange investment project funding including those based on public-private partnerships, provided that appropriate decisions are approved by the bodies of Vnesheconombank.