21.6.2007 – An agreement was signed in Moscow today between the International Investment Bank and the Russian company VID for the financing of an international investment program for the manufacture of a biological fuel, wooden granules (pellets). The total value of the project is EUR 13 million and the first pellet production line has already been put into operation.

The contractor is the Czech engineering company Pelletia-TEC s.r.o., and the financing has been provided by Czech Export Bank. The project is being implemented in the Russian Republic of Marij El and it is important not only for the development of waste-free processing of raw materials in the region, but also from the point of view of the further diversification of Czech deliveries into Russia. The successful completion of the Czech/Russian project will enable both banks to extend their cooperation for the implementation of analogous investment programs in other forested areas of the Russian Federation where there is a very high level of demand for new wood-processing capacity. Interest was also shown by, for example, the governor of the Vologod region, V. Pozgalev, and representatives of the Siberian and Ural regions during meetings with representatives of ČEB. The financing of the expansion of Czech exporters and investors into Russia already ranks this country (with a share of almost 25 percent) in first place in the ČEB loan portfolio. Apart from the traditional deliveries for engineering and energy, more and more new opportunities are emerging, for example the construction of housing and developer programs. This project also falls into this potentially lucrative category of new opportunities. Russia is ranked 3 on the 7-point OECD country risk classification scale (the best is 1, the worst 7), which is considered to be a very acceptable level of risk.

Jan Stolár
Director of Communication

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ČEB provides Czech exporters with state-supported financing of exports and financial services related to exporting goods and investments, thereby enabling Czech exporters to enter tenders on the global market under conditions comparable to those of competitors from other developed countries. All of CEB’s activities are in full compliance with WTO rules, relevant recommendation of the OECD, and European Union directives. CEB actively cooperates with other organizations providing state support, particularly Czech Trade, and uses insurance from EGAP. CEB’s mission is to support entrepreneurs by means of the most advantageous financing, not for maximum profit. CEB has the same rating evaluation as the Czech Republic.