OREANDA-NEWS. On 03 August 2009 was announced, that BANK URALSIB (URALSIB or Bank) (RTS: USBN) announces an opening of USD  50 mln credit line by The Export-Import Bank of Korea for a tenor up to 2 years to deliver products and services from Korea to Russia.

On July 20, 2009 The Export-Import Bank of Korea and BANK URALSIB signed the Interbank Export Loan Agreement.  Under this agreement URALSIB would be able to raise USD  50 mln for a tenor up to 2 years to finance the projects of URALSIB’s clients for the delivery of products and services from Korea to Russia. The financing may be provided under letters of credit issued by URALSIB in favor of Korean exporters, or as refunding of advance payments, effected under trade contracts. The agreement also implies the issue of bank guarantees and stand-by letters of credit. The parties believe that the signed agreement is an essential move in the development of external trade between Russia and Korea.