Vneshtorgbank and the Israel Foreign Trade Risk Insurance Corporation Ltd. have entered into a co-operation agreement.
Under the Agreement, the IFTRIC shall provide insurance and issue guarantees for mid- and long-term (up to 10 years) credit lines opened in favour of Vneshtorgbank by Israeli banks with a view to finance goods and services to be imported from Israel. According to the Agreement terms, a limit for Vneshtorgbanks`s risks to be covered by the IFTRICounts to US$75 million.
The agreement further specifies interchange of information and consulting services to finance certain projects, and their joint presentations for Russian and Israeli companies.
The IFTRIC is a corporation wholly owned by the Israeli Government. Its main business line is insurance against exporters` mid- and long-term credit risks with regard to good and services from Israel, as well as foreign investments.