Vneshtorgbank has signed a Framework Loan Agreement with Komercni banka a.s., Prague, aimed at opening by the Czech bank of a 7-year credit line for Vneshtorgbank to finance contracted supplies of goods and services from the Czech Republic to Russia worth USD 20 million.
Within the credit line, Vneshtorgbank will get finance to cover 85% of the cost of goods and services imported form Czechia under the contracts worth more than USD 500 thousand. It is also agreed to promptly increase, if needed, the credit line extended by Komercni banka to Vneshtorgbank.
The Agreement signed has significantly broadened the number of Czech banks offering credits to Vneshtorgbank for mid- and long-term financing of exports from the Czech Republic under the guarantee of the national export credit guarantee agency EGAP. Earlier, a similar 5-year agreement for USD 50 million was signed with Ceskoslovenska obchodni bankathe, (CSOB), Prague.