OREANDA-NEWS. December 18, 2007. Promsvyazbank has signed an EUR30 mln credit agreement with Nordic Investment Bank. Within its framework, Promsvyazbank can draw down funds with tenors of up to seven years from Nordic Investment Bank to finance Russian investment projects, where a part of the commodities or services originate either from Scandinavia or from the Baltic states, the bank's press service reported. The funds can be used to cover any expenses associated with such projects, including import duties, taxes and construction costs.

According to Mr. Artem Konstandyan, the Bank's First Vice–President, "this agreement with Nordic Investment Bank will allow Promsvyazbank to increase long-term financing for its corporate clients with business links to the Scandinavian and Baltic countries."

Promsvyazbank has solid experience in providing medium and long-term financing for exports from more than 20 different countries. Since 2001 there have been over 120 transactions with a total value in excess of US$650 mln.