OREANDA-NEWS. November 12, 2014. Sberbank of Russia and China Export and Credit Insurance Corporation (SINOSURE) signed a USD 2 billion Framework Agreement.

On behalf of Sberbank the Agreement was signed by Herman Gref, CEO, Chairman of the Executive Board, and on behalf of SINOSURE – by Wang Yi, Chairman of the Board.

The agreements focus on the expansion of long-term cooperation between the bank and ECA for financing projects involving supply of goods and services by Chinese companies, joint investment projects, localization of production of goods by Chinese companies and other types of cooperation in countries where the parties are present.

During the signing ceremony Herman Gref stated: "The Framework Agreement signed between our institutions today has fixed our ambitious joint goal in terms of supporting trade and economic ties between our countries. We are planning to use this agreement to provide our clients access to financing for the purchase of various Chinese capital goods and services. I have no doubt that we will see further growth in the volume of our cooperation with Sinosure in the years to come."