OREANDA-NEWS. August 13, 2012. Sberbank of Russia and The Export-Import Bank of Korea concluded the Refinancing Facility Agreement and the Amendment Agreement to Untied Two-Step Loan Agreement. The agreements were signed by Herman Gref, CEO and Chairman of the Board of Sberbank of Russia and Kim Yong Hwan, Chairman and President of the Export-Import Bank of Korea, reported the press-centre of Sberbank. 

The purpose of the both documents is to increase financing of the trade flows from Korea to Russia.

The Amendment Agreement to the Untied Two-Step Loan Agreement provides for an increase of the existing revolving credit facility from USD 200 million to USD 700 million. The aim of the Agreement is to support Russian companies which cooperate with Korean manufacturers. One of the advantages offered by the Agreement is the possibility to finance contracts concluded by Russian companies not only with Korean exporters directly, but also with their Russian representatives and dealers.

"Sberbank devotes significant attention to development of high grade relationships with the partner banks in the Asian region, which is even more important now as we approach the 2012 APEC summit scheduled this year in Vladivostok. These agreements emphasize our intention to establish strong and mutually beneficial relations with The Export-Import Bank of Korea and to open new horizons for realization of the huge potential that exists for Russian-Korean trade and investment. The current arrangements will enhance Sberbank's customer financing capabilities and give new impulse to cooperation between Russian companies and Korean manufacturers", said Herman Gref, CEO and Chairman of the Board of Sberbank of Russia.

Chairman and President of the Export-Import Bank of Korea Kim Yong Hwan said: “Today’s singing of these agreements will enable KEXIM and Sberbank to reinforce the economic cooperation between Korea and Russia. We look forward to active cooperation with Sberbank in various areas including finance for trade, investment and energy/infrastructure projects, which will contribute to the economic growth in both countries”.