OREANDA-NEWS. On September 9, in the course of Russian President Vladimir Putin’s formal visit to Australia, the State Corporation ‘The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and Australia’s Export and Insurance Corporation (EFIC) signed an Agreement on Cooperation, the bank's press-service reported.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and EFIC Managing Director Angus Armour. The Agreement aims to establish partner relations to promote trade and project financing, investment business and credit risk insurance.

Under the Document the two sides intend to assist market makers in selecting optimal schemes to finance major investment projects among other things using such instruments as project financing as well as other financial instruments used in international capital markets.

EFIC acts as an agent for Australia’s Government offering export grants and consultations to Australian companies engaged in foreign economic activity.