12 January 2004
A signing ceremony took place on 10 November 2003 in Moscow where a US$30m Master Agreement for Trade Related Program was entered into between Vneshtorgbank and Export-Import Bank of Korea (Korea Eximbank).
Mr. Vladimir Dmitriev (on the right), Executive Vice President and Deputy Chairman, for Vneshtorgbank, and Mr. Shin Dong-Pyo, head of the Moscow representative office, for Korea Eximbank, signed the agreement.
Under the agreement, Korea Eximbank will make a revolving line of credit to finance Vneshtorgbank`s customers, which import goods from Korea to Russia. The agreement envisages transactions involving confirmation and refinancing of letters of credit, issuance of guarantees in favour of Korean exporters or Korean commercial banks against counter-guarantees from Vneshtorgbank, as well as confirmation of stand-by letters of credit and making avals for promissory notes issued by Vneshtorgbank.
This agreement will create added opportunities to finance trade between Russia and Korea.
For reference: Korea Eximbank was established in 1976 and it is a specialised financing entity and at the same time acts as the Export Credit Agency of Korea. Major shareholders are the Government and the Bank of Korea. The bank receives financing from the Government and offers services in export finance, project and trade finance to support Korean businesses operating on international market.
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