Sberbank and Japan Bank for International Cooperation (JBIC) signed the Loan Agreement totaling the equivalent of 70 million US dollars on November 24, 2004.
The Agreement provides for medium- and long-term financing of projects of Sberbanks clients involving import in Russia of goods and services from Japan using financing from JBIC.
The agreement was signed by Mr. Alexander Zakharov, Deputy Chairman of the Board of Sberbank and Mr. Fumio Hoshi, Senior Executive Director of JBIC.
The signatories consider the Agreement an important step in promoting export from Japan to Russia. The Agreement with JBIC will provide another instrument for financing investment projects associated with the imports of goods and services from Japan.
Sberbank attaches great importance to the development of cooperation with export credit agencies and foreign banks which provide financing backed by export credit agencies of the countries which are among the leading trading partners of Russia. The Agreement with JBIC will expand the range of bank products offered by Sberbank for financing long-term investment programs of its clients on favourable terms.
Sberbank's Press Service