On 30 May 2007, VTB Bank signed an agreement with Export Development Canada on increasing the existent credit line from с USD 50 million to UDS 150 million to finance Canadian export of goods and services to Russia.
In addition to the increased credit line, its term was also extended from 7 to 10 years, and the financing can be provided both in US dollars and Euros. The agreement will boost further cooperation between Russian and Canadian producers, more dynamic and closer bilateral relations between Canada and Russia, extensive mutual trade turnover and more competitive positions of VTB in handling foreign trade.
The initial credit line was almost fully disbursed to finance deliveries of technology equipment for metallurgical industry.
Export Development Canada is a Crown Corporation that provides financing and risk management services to Canadian exporters and investors. EDC annually initiates financing over USD 60 billion for nearly 7,000 corporate customers in up to 200 markets worldwide.
In 2006, EDC raised financing for projects in Russia for over USD750 million, that is, twice as much as in 2005.