OREANDA-NEWS. April 22, 2011. Sberbank of Russia and Commerzbank AG have signed the Basic Loan Agreement, providing for long- and medium term financing of deliveries of capital goods and services from Germany and other OECD countries to the Clients of Sberbank of Russia under cover of German Export Credit Agency "EULER HERMES" and ECA’s from other countries, reported the press-centre of Sberbank.

On the signing ceremony Head of Trade & Export Finance and Financial Institutions, Sberbank of Russia, Andrei Ivanov said: "In 2011 Sberbank will continue active development of the facility for long term financing of investment Client’s programs by attracting funds from foreign banks with Export Credit Agencies cover. The utilization of the Basic Loan Agreement on raising of financial resources will give a significant impulse to further development of international trade between Russia and Germany and other OECD countries. This will enable us to diversify our offer to Sberbank’s Clients for satisfaction of constantly growing demand for financing of investment programs in the conditions of deficiency of low-cost long term foreign currency resources on the Russian banking market.

Stefan Bohlich, Head of Structured Export & Trade Finance, Commerzbank characterized the agreement as "the most important agreement for cooperation between two largest financial institutions in Russia and Germany in the area of corporate finance", which pushes forward "the contribution to the processes of diversification and modernization of the Russian economy".

During the meeting the representatives of both institutions referred to various projects to be financed under the signed framework agreement.