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Vneshtorgbank and the Japan Bank for International Cooperation sign a Cooperation Agreement

 
26 October 2004

Vneshtorgbank and Japan Bank for International Cooperation (JBIC) have signed agreement expanding Vneshtorgbank opportunities to finance import of Japanese goods.

The new agreement gives Vneshtorgbank an opportunity to receive within JBIC credit line funds both in United States dollars and Japanese yens for the next 10 years. Vneshtorgbank is the only bank in Russia credited by JBIC for such a period.

JBIC has set up consortium with another Japanese bank - the Bank of Tokyo-Mitsubishi Ltd v to give credit to Vneshtorgbank. NEXI, export insurance agency of Japan, secures the credit. The credit intends to finance Japanese import goods, and Vneshtorgbank selects and credits Russian borrowers.

Vneshtorgbank started to cooperate with JBIC in 2002. At that time Vneshtorgbank was the first Russian bank to be granted credit line for total of 8 billion Japanese yens. Up to the present, within that line, Vneshtorgbank has been financing a series of transactions of its clients to purchase woodworking equipment, equipment for fibre optics line and special purpose vehicles. These transactions totallyount to 1.5 billion Japanese yens.

New terms of financing in United States dollars create prerequisites for more active use of the credit line and for expansion of mid-term and long-term (up to 10 years) credit operations on favorable terms for Vneshtorgbank clients who import equipment from Japan.

Signing of this Agreement is an evidence of recognition of Vneshtorgbank in Asian region. Vneshtorgbank liabilities are recognized by export insurance agencies and export-import banks of all major trading partners of Russia in this region, such as, India, China, South Korea, Vietnam, Malaysia and others.

Japan Bank for International Cooperation is a successor of Eximbank of Japan and belongs to the Government of Japan. JBIC specializes in export v import operations financing. Bank of Tokyo-Mitsubishi Ltd is a part of Mitsubishi Tokyo Financial Group and is ranked number twoong Japanese banks in terms of their assets. Both Japanese banks have their representative offices established in Moscow since 1992.


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