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The Russian Vneshtorgbank and Export Development Canada signed a credit agreement in Moscow on Thursday
The Russian Vneshtorgbank (Foreign Trade Bank) and Export Development Canada (EDC) signed a credit agreement in Moscow on Thursday. The agreement stipulates that the Canadian corporation will open a $50 million credit to Vneshtorgbank to finance contracts on exports of Canadian goods and services to Russia, reads a Vneshtorgbank press-release. The credit line is to finance 85% of USD contracts for 3, 5 or 7 years, the press release says. The credit agreement was signed to promote the 2003 Vneshtorgbank-EDC agreements on mutual understanding and marked an important step in the implementation of the Vneshtorgbank strategy on the attraction of foreign investments in the December of Russian economy at beneficial conditions. This agreement gives Vneshtorgbank clients additional possibilities to implement long-term investment projects of their own
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