OREANDA-NEWS. December 9, 2008. State corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Euler Hermes Kreditversicherungs-AG (Germany) signed a Cooperation Agreement.

On behalf of Vnesheconombank, the Agreement was signed by Mr. V. Dmitriev, Chairman of Vnesheconombank. Euler Hermes Kreditversicherungs-AG was represented by Dr. Hans Janus, Member of the Board of Management, and Mr. Manfred Bruer, Managing Director of Euler Hermes ECA Consortium.

The Agreement expresses the parties’ intention to establish strategic partnership and promote long-term, effective and mutually beneficial cooperation in export credit insurance against commercial and political risks, as well as in investment insurance.

The Agreement is a framework document aimed at ensuring support and providing stimulus for trade and investment between Russia and Germany through joint export credit and investment co-insurance and reinsurance.

The parties intend to share their experience of export credit insurance against commercial and political risks and stimulate the mentioned activity. The parties would also seek to increase personnel professional skills, deliver joint projects and exchange information on export credit insurance.