Under the agreement, ING BANK will open for Vneshtorgbank a 250 million-euro credit line to finance contracts to deliver industrial goods and services to Russia from the Netherlands, Germany, Belgium and other European countries. Under the agreement, the co-financing banks are ING BHF-Bank (Germany) and ING Belgium (Belgium).
Financing, within the credit line, is given for 85 percent of the sums of import contracts in euros or dollars. Realization of equipment-import projects within the framework of the agreement will be done on the basis of state support for export by European exporting countries.
"Within the framework of this agreement, Vneshtorgbank's clients will get additional opportunities for implementing their long-term projects towards the modernization of production and creating new industrial facilities on the advantageous conditions of the international market," Vneshtorgbank's communique notes.
