On December 5, 2000 a meeting was held between Andrei Kazmin, Chairman of the Board and Chief Executive Officer of Sberbank and James Harmon, President of Eximbank USA, which resulted in signing Cooperation Agreement between Sberbank and Eximbank.
Cooperation Agreement between Sberbank and Eximbank has no time-limit and provides for different forms of business cooperation, in particular:
- short-term and medium term insurance of export contracts;
- guarantees and direct financing of different goods and services export from USA;
- fund raising by Sberbank in US dollars and other freely convertible currencies under guarantees of Eximbank USA for financing its clients;
- direct medium-term and long-term funding of Sberbank (5 or more years) by Eximbank USA for financing large-scale Russian projects.
Besides, Sberbank may borrow under the program, implemented by Eximbank USA jointly with the US Federal Foundation for support and development of small business.
The terms of the concluded Agreement lay basis for an efficient mechanism of financing and guaranteeing foreign trade deals to the benefit of Russian and American enterprises. The signed document is another evidence of strengthening confidence of international financial institutions in Russian banking system.