OREANDA-NEWS. November 27, 2012. Sberbank of Russia and the Export Guarantee and Insurance Corporation of the Czech Republic (EGAP) have signed a memorandum of understanding. The memorandum provides the basis for cooperation within the financing of foreign economic activity between the Czech Republic and Russia and other countries where Sberbank operates. Sberbank and the EGAP have agreed on short, medium and long-term financing through a number of tools in a range of currencies, including the Euro, US dollar and Russian ruble, reported the press-centre of Sberbank.

Herman Gref, CEO and Chairman of the Management Board of Sberbank of Russia, signed the memorandum on behalf of Sberbank of Russia and Milan Simacek, member of the Board of Directors, acting CEO, and Miroslav Somol, member of the Board of Directors, Deputy CEO, signed the memorandum on behalf of EGAP.

Under the memorandum Sberbank and EGAP have set a target volume for joint business of 1 bln Euro until the end of 2015, with the possibility of an increase if necessary.

"The availability of financing on favorable terms is an important factor for increasing the competitiveness of the products and services of producer countries,” – CEO and Chairman of the Management Board of Sberbank Herman Gref said at the signing ceremony. “We are pleased to have signed a memorandum of understanding with the EGAP to finance the export of goods and services from the Czech Republic. This fully reflects the strategy of the Sberbank Group to support our clients with the most effective financial instruments in all the countries and regions where we operate".