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Bank for Development and Foreign Economic Affairs (VEB) has signed a memorandum of understanding with JBIC and a tripartite memorandum with JBIC and Nakhodka Fertilizer Plant, CJSC

December 16, 2016

Vnesheconombank and the Japan Bank for international cooperation (JBIC) signed a cooperation agreement on December 16, 2016 in Tokyo (Japan). The document was signed on December 16, 2016 in Tokyo (Japan) in the framework of the Russian-Japanese Business Forum.

The agreement provides the joint financing of projects within the territory of the Russian Federation, focusing on regions of Eastern Siberia and the Far East, as well as foreign trade contracts between Russian and Japanese companies. The document defines a list of certain industry-specific priorities. Primarily, the projects of high importance are in the field of infrastructure, energy and energy efficiency, high conversion products industry in the field of petrochemicals, timber processing, machine building.

In addition, Vnesheconombank, the Japan Bank for International Cooperation (JBIC) and NFP, CJSC signed a memorandum of understanding. The document was signed on December 16, 2016 in Tokyo (Japan) within the framework of the Russian-Japanese Business Forum.

The construction of Nakhodka Mineral Fertilizers Plant includes the creation of a complex with a capacity of 2.2 mln tons of ammonia, 2 mln tons of urea and up to 2 mln tons of methanol per year. Startup of full project capacity is planned for 2020-2022, and total costs of the project is estimated at 6.3 bln USD. The project implementation will help to create 2,000 of work places and launch a program for training of highly qualified personnel at the Far East Federal University. The expected incomes to the budgets of all levels are expected in the amount of 11 bln rub. per year.

Source: Press-release of Vnesheconombank