OREANDA-NEWS. July 17, 2009. In the course of Russian President Dmitry Medvedev’s visit to the Federative Republic of Germany, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and KfW IPEX-Bank GmbH, Frankfurt am Main (Germany) entered into a Framework Credit Agreement.

This Agreement calls for providing Vnesheconombank with credit resources in the total amount of 500 million euros against insurance coverage by export-credit agencies.

Under the Agreement the credit line is to be used to finance projects aimed at boosting the development of the Russian economy with the projects providing for supplying equipment to the territory of the Russian Federation from Germany and other European countries.

The signing of the Framework Agreement with KfW IPEX-Bank GmbH is another Vnesheconombank’s step aimed at promoting Russian-German relations within economic cooperation between the two countries.