Vnesheconombank entered into a loan agreement with Deutsche Zentral-Genossenschaftsbank (“DZ Bank AG”) for 49 million euros to finance the construction of an innovative technology park Kazbek in the Chechnya republic.

DZ Bank provided a loan of 42 million euros for a period of 10 years under the protection of the German export credit agency Euler Hermes to finance up to 85 percent of the technopark contract for the supply of equipment made in Germany and up to 100 percent of the relevant insurance premiums.

Vnesheconombank also received from DZ Bank a commercial loan for seven million euros for a period of seven years.