29 August 2003
A signing ceremony took place in Moscow on 15 July 2003 where a Co-operation Agreement was entered into between Vneshtorgbank and Makedonska Banka za podrshka na razvojot a.d.
The Agreement was signed in furtherance of arrangements set forth in the final memorandum of the second sitting of the Russian-Macedonian Intergovernmental Commission on Trade, Economic and Technological Co-operation held in Moscow in June 2003.
The Agreement envisages favourable environment to be created for the co-operation between the two banks in a variety of fields, including documentary business and trade finance. In particular, the Parties are willing to set mutual limits on documentary transactions and to arrange exchange of information on a broad range of interbank co-operation, including anti-laundering measures.
The Co-operation Agreement became the first document in the history of relationship between financial institutions in Russia and Macedonia. Earlier, Vneshtorgbank signed similar agreements with several financial institutions of Poland, Rumania, Slovenia, Chech and Slovakia, which is a part of the Vneshtorgbank`s strategy to foster co-operation with counterparties in Eastern Europe.
Andrey Kostin, President and Chairman of the Board, for Vneshtorgbank, and Ilia Ilioski, Managing Director, for Makedonska Banka za podrshka na razvojot a.d., signed the Agreement.
For reference: Makedonska Banka za podrshka na razvojot a.d. is a specialised financial institution combining functions of a commercial bank with those of an export credit agency. Its key line of business consists in providing financing for foreign trade of the Republic of Macedonia, including export insurance guarantees for the national business. The bank acts as a finance agent of the Macedonian Government, which owns its controlling stake.
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