Vnesheconombank and Japan Bank for International Cooperation (JBIC) Sign Agreement
Today, February 28, in the course of Russian Prime Minister Mikhail Fradkov’s visit to Japan Vnesheconombank and the Japan Bank for International Cooperation (JBIC) signed an Agreement on Opening a Credit Line worth 50 million US dollars with a 10-year financing period.
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and JBIC Senior Executive Director Fumio Hoshi.
Under the Agreement the funds made available under the credit line are to be used to finance 85% of Russian borrowers’ import contracts value for the supply of high technology equipment and services of Japanese manufacturers, as well as to pay expenses in the Russian territory in the amount of 15% of these contracts value.
The Agreement aims, above all, to encourage the development of energy and manufacturing industries and to support projects in the infrastructural sector.
The Agreement testifies to the dynamic development of practical cooperation between Vnesheconombank and one of the largest Japanese banks – JBIC. The cooperation started in 2006 when JBIC credit funds were used to carry out the project aimed at establishing a production facility to manufacture motor compressors for refrigeration equipment at CSJC Orsky Compressor Factory.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93. Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
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