July 16, 2009 within the framework of the visit of Russian President Dmitry Medvedev in the Federal Republic of Germany State Corporation Bank for Development and Foreign Economic Activities (Vnesheconombank) and KfW IPEX-Bank GmbH, Frankfurt am Main (Germany) signed a framework loan agreement.
agreement provides Vnesheconombank credit resources totaling 500 million euro under the insurance of export credit agencies, the report says VEBa.
According to the document, line of credit will be used to finance projects aimed at developing the Russian economy, the supply of equipment to the Russian Federation in Germany and other European countries.
signing a framework agreement with KfW IPEX-Bank GmbH is the next step Vnesheconombank to promote Russian-German relations in the framework of economic cooperation between the two countries.
In addition, Vnesheconombank and KfW Banking Group have signed a memorandum of understanding: the parties agreed to the accession of OAO Promsvyazbank in the status of participant in the German-Russian initiative on the financing of small and medium-sized businesses, as well as indicated intentions to pursue the implementation of this joint initiative and take action on the accession of new members.
signed a Memorandum of development was signed in February 2009 agreement on German-Russian initiative to finance small and medium-sized enterprises between Vnesheconombank and KfW. The purpose of this agreement is to promote small and medium-sized enterprises in the Russian Federation by providing medium-term financing, as well as stimulating entrepreneurial activity in the region and support the banks involved in lending to small and medium-sized businesses.
also reported that Vnesheconombank banking group KfW has provided a guarantee of $ 32.8million to the liabilities of OJSC Promsvyazbank long-term credit banking group KfW.
The credit agreement between Promsvyazbank and KfW was signed within the framework of the German-Russian initiative to finance small and medium-sized enterprises , in April 2009 According to the agreement, KfW will provide Promsvyazbank credit of $ 30 million for 5 years for the purpose of crediting Russian small and medium-sized enterprises.
Handing guarantees held July 16, 2009 in Munich in the next round of Russian-German interstate consultations at the highest level.
KfW IPEX-Bank GmbH, a subsidiary of banking group KfW, specializes in project and corporate financing, as well as trade and export financing, both in Germany and abroad, ensuring that all activities of the banking group KfW, carried out on a commercial basis.
From 1 January 2008 KfW IPEX-Bank GmbH operates as a legally independent subsidiary of KfW banking group company and is making a significant contribution to the group of functions related to policy development.
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