Weimar, April 10, 2002. Sberbank and the German export credit consortium AKA Ausfuhrkredit-Gesellschaft m.b.H signed a EUR 250 million agreement for financing the export of capital goods, hi-tech and other products from Germany and other countries to Russia. 
The Parties exchanged the texts of the Agreement in presence of President Vladimir V.Putin and Chancellor Gerhard Schroder. The attendance of the Heads of State underlines the importance of the signed Agreement for the relations between Russia and Germany 
The Agreement was signed by Andrei I. Kazmin, Chairman of the Board and CEO of Sberbank and Dr. Hans-Jorg Todt, Managing Director of AKA. 
Sberbank and AKA thank Dresdner Bank AG for its valuable support in preparing the Agreement. 
Under the Agreement the financing will be provided on a commercial basis without sovereign Russian Government guarantees. Sberbank will obtain direct access to the 30 banks of the AKA consortium with minimal administration costs involved. 
The leading German banks – members of AKA - receive an additional instrument for promoting the exports of German and other European companies to the Russian market under Export Credit Agencies cover. With the participation of Sberbank - the biggest bank in Russia - their financing risks will be minimal. 
The provisions of the Agreement expand the capacity of Sberbank to provide financing to its clients for implementation of their large-scale projects of up to 5 years and in some cases for a longer period. 
In the last few years the Russian economy has significantly progressed and this growth creates demand for modern equipment and infrastructure. Germany may contribute to this process. Particularly, by purchasing modern machinery Russian enterprises will upgrade their capital assets, thus giving a positive impact on overall economic progress in Russia. 
The signing of the Agreement between Sberbank and AKA is another step towards consolidation of interstate economic relationships for closer integration of Russia in the international economy