State Corporation, Bank for Development and Foreign Economic Affairs (“Vnesheconombank”) and Portuguese Bank Caixa Geral de Depositos, signed a Framework Credit Agreement.
The Document was signed by Vnesheconombank Deputy Chairman Sergey Vasilyev and Member of the Board of Caixa Geral de Depositos Pedro Cardoso.
According to the Document Caixa Geral de Depositos made available a credit facility for Vnesheconombank in the amount of EUR 200 mln.
Under the Agreement the funds made available within the credit line could be used to finance purchase of Portuguese goods and services by Russian importers with insurance coverage under the credit to be provided by the Portuguese export credit agency COSEC. In accordance with the terms and conditions of the Document the share of goods and services of Portuguese origin is to be more than 60% of the total value of the contract.
The signing of the Framework Credit Agreement with Caixa Geral de Depositos will contribute to the business cooperation and the development of trade and economic relations between the two countries.
CGD is the largest Portuguese state-owned bank, it occupies first place in the country in terms of total assets. The bank was founded in 1876. Long-term credit ratings: Moody’s – Aa1, Standard and poor’s – A+, Fitch Ratings – AA-.
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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