Vnesheconombank and Export-Import Bank of Korea Enter into Agreement

Today, on September 29, in the presence of Russian President Dmitry Medvedev and Korean President Lee Myung Bak who is paying a formal visit to Russia, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Export-Import Bank of Korea entered into a Framework Agreement on Cooperation.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and Export-Import Bank of Korea Chairman Dong Su Chin.

This Agreement aims to promote long-term cooperation in raising funds to finance investment projects. The two sides plan to give top- priority to projects in power engineering, infrastructure of communal and housing services, aircraft construction, shipbuilding, transport and timber processing industry as well as to projects aimed at boosting natural resources utilization efficiency and protecting environment.

The Agreement provides for two sides to consider projects worth no less than 85 million US dollars with a payback period of more than 5 years.

The singing and further implementation of the Agreement would help promote economic and trade cooperation between the Russian Federation and the Republic of Korea.

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru

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