Today, on October 24 the State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and French Bank BNP Paribas signed a Framework Agreement on Extending a Credit Line in the amount of 300 million euros (or its US dollar equivalent).

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and BNP Export Financing Director Michel Pique.

Under the Agreement, funds to be made available within the credit line could be used to finance purchases of Western European goods and services by Russian importers, with insurance coverage of the credit being provided by leading European export-credit agencies.

The signing of the Framework Agreement with BNP Paribas opens up ample opportunities for promoting multilateral Russian-French cooperation by carrying out major investment projects on the territory of the Russian Federation and would help boost trade turnover between the two countries.

BNP Paribas is one of the largest international financial institutions with a branch network in 85 countries. According to Global 2000 Forbes’ 2007 the Bank occupies sixth place among leading financial institutions in the world and first place among the largest French companies. Long-term credit ratings: Moody’s – Aa2, Standard & Poor’s – AA, Fitch Ratings – AA.

The State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)”is one of the key instruments of government investment policy. The Bank’s activity is aimed at overcoming infrastructure growth restrictions, modernizing and developing non-raw materials sector, high-technology industries, encouraging innovations and exports of high-technology products, carrying out projects in special economic zones, environment protection projects and supporting small and medium-size business.

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