BANK 0F MOSCOW & RUSSIAN RAILWAYS SIGN COOP AGREEMENT

ST.PETERSBURG, June 8 (Itar-Tass) - The Bank of Moscow and the Russian Railways joint-stock company have signed a cooperation agreement that will allow financing Russian railway projects by attracting the funds of international financial organizations and through investment projects. Vladimir Yakunin, the president of the Russian Railways joint-stock company, and Andrei Borodin, the president of the Bank of Moscow, signed the document within the framework of the St. Petersburg Economic Forum on Saturday. "The agreement was concluded with an aim to establish and develop long-term mutually-beneficial cooperation in spheres of mutual interest," sources in both companies told Itar-Tass. The Bank of Moscow will provide financial consulting on joint projects and will help introducing high-tech banking services in the structural units of the Russian Railways. The Bank of Moscow and Russian Railways have been cooperating since 2003. Over that period of time the Bank granted 20 billion roubles worth of credit resources to the Russian Railways. It financed the purchase of railway vehicles through leasing companies.