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Vneshtorgbank, Czech Export Bank sign cooperation agreement

18 April 2002

Russia`s Vneshtorgbank (VTB) and the Czech Export Bank on Tuesday evening signed a cooperation agreement to expand collaboration in various areas in order to boost trade between the two countries, VTB said in a press release.

VTB president and chief executive Yuri Ponomaryov and Czech Export Bank general director Tomas Revesz signed the agreement within the context of a visit to Russia by Czech Prime Minister Milos Zeman

The banks plan to jointly finance various projects in Russia and the Czech Republic, as well as exchange specialists and share experience and information on their client base and legislative framework.

In future, the Czech bank may open a credit line for VTB to finance Russian imports of Czech goods and equipment, VTB said in the press release

VTB`s press service told Interfax that the two banks plan to sign a special agreement this year under which the Czech Export Bank will provide a four-year credit.  The Czech Export Bank, founded in 1994 and wholly owned by the government, specializes in servicing Czech exports

VTB said it also works closely with Ceskoslovenska Obchodni Banka A.S., with which it signed an agreement last October for a $20 million credit line to finance Czech exports to Russia under contracts with terms of up to five years.

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