The Export-Import Bank of the United States or Ex-Im Bank and Sberbank of Russia signed a $1 billion Memorandum of Understanding or MOU to facilitate increasing U.S. exports of goods and services to Russia and other countries in which Sberbank operates and Ex-Im Bank programs are available.
According to the terms of the agreement, Ex-Im and Sberbank intend to support up to $1 billion in U.S. exports to buyers in Russia and other target countries through 2014. And Ex-Im will consider increasing the amount of financing support should demand exceed $1 billion.
Ex-Im Bank exposure in Russia at the end of Fiscal Year 2011 (September 30, 2011) was approximately $315 million, of which $117 million was authorized in fiscal 2011.
Ex-Im Bank noted that it intends to consider providing direct, medium- and long-term financing to Sberbank, and guarantees and export credit insurance to third parties lending to finance U.S. export transactions.
In support of the agreement, both Ex-Im and Sberbank have pledged to undertake individual or joint marketing activities, and to enhance business relationships between executives and middle management levels.
by RTT Staff Writer
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