OREANDA-NEWS. On February 28, in the course of Russian Prime Minister Mikhail Fradkov’s visit to Japan Vnesheconombank and the Japan Bank for International Cooperation (JBIC) signed an Agreement on Opening a Credit Line worth 50 million US dollars with a 10-year financing period.

Under the Agreement the funds made available under the credit line are to be used to finance 85% of Russian borrowers’ import contracts value for the supply of high technology equipment and services of Japanese manufacturers, as well as to pay expenses in the Russian territory in the amount of 15% of these contracts value.

The Agreement aims, above all, to encourage the development of energy and manufacturing industries and to support projects in the infrastructural sector.