KfW Bankengruppe and Vnesheconombank expand their Cooperation - Further Framework Agreement concluded

Frankfurt am Main (ots) - KfW Bankengruppe and the Russian
Vnesheconombank continue their cooperation by concluding a EUR 75
million Framework Agreement. These funds are to refinance imports of
capital goods from the EU in particular in connection with
infrastructure projects in Russia. The agreements have been signed by
Ingrid Matthäus-Maier, Spokeswoman of the Board of Managing Directors
of KfW Bankengruppe, and Vladimir A. Dmitriev, Chairman of
Vnesheconombank, on the occasion of the Russian-German St. Petersburg
Dialogue in Dresden today.

Following the opening of its representative office in Moscow KfW
Bankengruppe once again confirms the increasing importance of its
business with Russia. From the beginning it has actively assisted
Russia in the transformation process. In 1993, KfW Bankengruppe, on
behalf of the German federal government, took the lead in the
Transform Programme, which supported and advanced the built-up of
market-economy structures in the countries of Central and Eastern
Europe. KfW Bankengruppe has been active in Russia for a long time
through both its subsidiary DEG and several Russian partner banks.
KfW IPEX-Bank, which will become a legally independent subsidiary of
KfW Bankengruppe on 1 January 2008, has also been engaged in Russia
(and the former Soviet Union) for many decades. In recent years the
bank was primarily involved in projects in several basic industries
sectors, but also in ship financing, infrastructure projects, the
transport sector and the area of environmental technology. Currently
KfW IPEX-Bank holds a portfolio of loans to Russia in the amount of
EUR 1.2 billion. It intends to double this portfolio in the next few
years.

About KfW IPEX-Bank

Within KfW Bankengruppe KfW IPEX-Bank provides project and
corporate finance and offers trade and export finance in Germany and
abroad. Worldwide it conducts all market activities of KfW
Bankengruppe that are done on commercial terms. It has been run as a
legally dependent bank within KfW Bankengruppe since 1 January 2004
and as of 1 January 2008, will be separated into a legally
independent subsidiary. In the year 2005 KfW IPEX-Bank made new
commitments for a total of EUR 12.1 billion. It has Representative
Offices in London, New York, Sao Paulo, Bangkok, Beijing, Istanbul
and in Moscow.

Originaltext: KfW
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For further information please call: Dela Strumpf,
Phone: +49 (0)69 7431-2984, E-Mail: dela.strumpf@kfw.de

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