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Vneshtorgbank continues to develop their cooperation with the Export-Import Bank of Korea

24 September 2004

On 21 September 2004 in the Kremlin, as part of an official meeting between the President of Russia, Vladimir Putin, and the President of the Republic of Korea, Roh Moo-hyun, Vneshtorgbank and the Export Import Bank of Korea signed two credit agreements totalling 50m USD for financing the supply of Korean goods and services to Russia.

The agreements were signed on behalf of Vneshtorgbank by the President-Chairman of the Board, Andrey Kostin, and on behalf of the Export-Import Bank of Korea by the President-Chairman of the Board, Dond-Kyu Shin.

In return of the Framework agreement for the financing of trade operations between the banks running since November 2003 an Inter-bank agreement on the crediting of export-import operations was signed.  In accordance with the conditions of the new agreement Vneshtorgbank now has additional capabilities to provide financing to their clients, both as part of documentary operations, and in granting individual credit.  The financing grants 100% of the cost of the contract for a period of up to two years under floating and fixed rates.

The banks also signed a credit agreement for the financing of export deliveries.  As part of this agreement the financing will be provided to Russian companies importing goods from Korea up to 85% of the cost of the contract for between two and ten years under a fixed percentage rate.

At this moment in Vneshtorgbank there are a few projects under consideration for the delivery of equipment and machine parts from Korea which may be financed as part of this credit line.

The signing of this agreement, which allows Vneshtorgbank to grant financing to their clients at beneficial rates, foresees the improvement of trade and economic relations between Russia and Korea.

Summary:  The Export-Import Bank of Korea is a specialised credit centre and at the same time the export insurance agency of Korea.  The main shareholders are the State and the Central Bank of Korea.  The bank receives financial resources from the government and provides services in the field of export crediting, and project and trade financing for support of Korean representatives working in the world market.

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