OREANDA-NEWS. June 29, 2011. Sberbank of Russia (Sberbank) and the Japan Bank for International Cooperation (JBIC) signed the agreement for extension of  an export credit line totaling up to 8 billion Japanese yen.  The credit line is cofinanced with Sumitomo Mitsui Banking Corporation (lead arranger), Mizuho Corporate Bank, Ltd, and the Bank of Tokyo-Mitsubishi UFJ, Ltd.  The medium- and long-term funds in yen or U.S. dollars under this credit line are provided for financing of the import of construction and other machinery, equipment and services by Russian firms from Japan.

Andrei Ivanov, Global Head of Trade Finance and Financial Institutions, Sberbank of Russia, said: “In conditions of recovery from the global financial crisis the promising destination of Russia as the object for investment and development of business is growing, for Japanese firms inter alia. The collaboration of Sberbank and JBIC under the signed agreement opens up greater business opportunities and enhances cooperation between companies from Japan and Russia”.

Hiroshi Iwao, Chief Representative in Representative Office in Moscow, JBIC, said: “This export credit line is expected to boost exports from Japan, thereby serving to strengthen bilateral economic ties between Japan and Russia. In particular, the agreement provides for possibilities to support exports of machinery that is related to the extraction in natural resource sector.”