On 2 December 2004 in Moscow a Credit Agreement was signed between Vneshtorgbank and Export Decelopment Canada (EDC).
Under the Agreement, EDC shall open a credit line to Vneshtorgbank for USD 50 mln to support the supply of Canadian goods and services to Russia.
The credit facilities will be extended for 3, 5 or 7 years and cover up to 85 percent of the import contract value.
The Agreement was signed in the context of arrangements stipulated by Vneshtorgbank and EDC in the Memorandum of Understanding signed in 2003. It is certainly a further advance in Vneshtorgbank`s development strategy aimed at raising funds in international markets at favourable for its customers terms. The funds so raised will be used to support the Russian economy. Within the Agreement Vneshtorgbank`s customers will get better business opportunities to have their long-term investment projects realised.
Established in 1944, EDC is a Canadian financial and insurance institution devoted exclusively to providing trade finance services to support Canadian exporters and investors abroad.