OREANDA-NEWS. June 25, 2010. Today, during Russian President Dmitry Medvedev’s visit to the United States, State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and the Export-Import Bank of the United States (Ex-Im Bank) concluded a memorandum of understanding.

The memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and Ex-Im Bank Chairman and President Fred P. Hochberg.

Under the memorandum Vnesheconombank and Ex-Im Bank will cooperate in financing projects aimed at Russian economic modernization, technological innovation and energy efficiency. The parties to the signing intend to support the financing of foreign trade contracts between American exporters and Russian importers for the supply of medical equipment and energy efficiency equipment, as well as other goods and services.

Signing of the memorandum is a clear demonstration of the high level of Russian-American economic cooperation, as well as both banks’ intention to further bolster their partnership.

Signing and implementation of the document will help to further promote trade and economic cooperation between the Russian Federation and the United States of America.

The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States.  The independent, self-sustaining federal-government agency exists to fill gaps in export financing, strengthen U.S. export competitiveness, and create and maintain U.S. jobs.  The Bank provides a variety of financing products, including working capital loan guarantees, export credit insurance, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.  Established in 1934, Ex-Im Bank has supported more than USD 400 billion of U.S. exports, primarily to developing markets worldwide.