MOSCOW, Nov. 10, 2008 – EPAM has successfully completed its accreditation at Vneshekonombank and is now one of the designated independent legal experts.
Vneshekonombank is one of the key instruments of state investment policy in the Russian Federation. The bank is an active participant in realizing large-scale investment projects helping to build Russia’s economy. In certain cases, independent expert opinions are requested from borrowers of Vneshekonombank in order to adopt a decision on financing investment projects.
Amid the global financial crisis, Vneshekonombank has acquired the status of a key instrument of regulation of the Russian economy to remedy the crisis, playing a broad role in programs to shore up the national financial system, companies of the real economy, and the Russian stock market.
“The growing number of tasks assigned to Vneshekonombank by the Russian government demand quick and effective solutions in order to overcome the consequences of the global financial crisis for our country,” said Dimitry Afanasiev, the member of the Partners’ Committee at EPAM. “We intend to live up to the trust invested in us, and to direct the experience of our specialists toward an effective solution of the tasks at hand in the interest of developing the Russian economy.”
“I believe that this accreditation can serve as a basis for other forms of cooperation, for example with regard to preparing the Bank’s credit regulations and requirements on borrowers, as part of financing measures to deal with the crisis,” noted Anton Kostenko, a partner at the firm. “There is a need to fine tune these regulations, as many borrowers do not fit the regulation framework adopted earlier.”
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For further information:
Olga Frolova
Tel: +7 495 935 80 10
Mob: +7 926 217 70 89
Olga_Frolova@epam.ru
EPAM is a leading national law firm in Russia with offices in Moscow, St. Petersburg and an associated office in London EPAM LLP. Founded in 1993, the firm combines extensive emerging markets experience with international professional standards. It regularly represents international companies doing business in Russia and Russian companies going international. EPAM regularly acts for the Russian Federation in transactional and litigation matters. The firm also frequently serves as Russian counsel to leading international law firms.
The state corporation, the Bank of Development and Foreign Economic Activity (Vneshekonombank), was founded in 2007 as a result of a reorganization of Vneshekonombank of the USSR, one of the oldest financial institutions of the Russian banking system. The purpose of the bank is to aid the government in increasing the competitiveness of and diversifying the Russian economy, as well as stimulating investment processes by having Vneshekonombank perform credit investment, warranty, insurance, and consulting activity, in addition to other activity stipulated by law, as part of the realization of projects in Russia and abroad, including those involving foreign capital.