On December 21, 2004, a Cooperation Agreement and a Framework Loan Agreement were signed between Vneshtorgbank and KfW IPEX-Bank, Frankfurt-on-Main, Germany.
The two financial institutions agreed to cooperate in the sphere of project, corporate and trade finance, which shall imply coverage to be provided by Euler Hermes, a German export credit guarantee agency.
Under the Framework Loan Agreement, KfW is to open to Vneshtorgbank a credit line totalling EUR100mln to finance 85% of contracted deliveries by Russian importers of manufactured goods and equipment from Germany and other European countries. The credit is extended for ten years under the coverage of Hermes and export credit guarantee agencies of the corresponding European countries.
The agreements signed have reaffirmed that Vneshtorgbank moved forward in implementing its strategy of raising funds on global markets to support the national economy development on terms favourable for its customers.
Being a part of KfW Banking Group, KfW IPEX-Bank is engaged in project, corporate and export finance both in Germany and outside. In particular, KfW IPEX-Bank finances basic manufacturing industries (including raw material industry, heavy industry, processing industry), commerce, health, energy equipment, environmental technologies, telecommunications and new media, ship- and aircraft-building, railway and motor transport, seaports, airports, and the construction of infrastructures.