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Vneshtorgbank and ALROSA sign agreement - 26 March, 2003

Vneshtorgbank and ALROSA have signed an agreement on strategic partnership today. In particular, they agreed to broaden cooperation. Within the framework of this collaboration, Vneshtorgbank is to provide banking services to the company and its subsidiaries, including the financing of export-import operations.

Speaking at the signing ceremony, Vneshtorgbank CEO Andrey Kostin said that $48m would be allocated to the company to buy equipment.

In his turn, ALROSA President Vladimir Kalitin declared that the company was planning to invest up to 7bn rubles ($223m) of its own resources and attract up to 15bn rubles ($478m) to support and develop the company's mineral resource base.