OREANDA-NEWS. November 18, 2011. The Eurasian Development Bank (EDB) and Bank Saint Petersburg signed a supplement to their framework agreement. The document increases the targeted loan facility to the Russian bank from USD 10 million to USD 25 million. The parties also agreed to extend the agreement for 12 months until January 2013, reported the press-centre of KASE.

In accordance with the agreement, at least 60% of the EDB's loan must be used to finance export and import operations of the Russian bank's clients in the EDB member states.

"All the 10 million dollars provided by the EDB under the framework agreement last year were used by us to finance trade contracts between Russia and Belarus," said Konstantin Noskov, Director for Financial Institutions at Bank Saint Petersburg. "In particular, we have provided loans to companies engaged in export and import in the sphere of metallurgy and agriculture".

"The increase in finance for the Russian bank has become possible after positive assessment has been given of its utilisation of the first USD 10 million tranche which had been fully used to enhance foreign trade between Russia and Belarus," confirmed Dmitry Krasilnikov, Managing Director (Corporate Finance) and Member of the EDB Executive Board.

The project is being implemented within the EDB's programme to develop trade finance instruments and enhance mutual trade between the Bank's member states.