OREANDA-NEWS. December 25, 2012. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Bank of America, N.A. (U.S.) signed two credit agreements on raising credit facilities on a commercial basis for a total amount of 200 million U.S. dollars for a period of 5 years.

The raised funds are to be used to fund Vnesheconombank’s investment projects.

These credit agreements are the first to have been signed between Vnesheconombank and Bank of America, N.A. to fund Russian investment projects financed by the Bank for Development.

Bank of America, N.A. is a subsidiary of Bank of America Corporation that includes banks, investment and insurance companies. In terms of assets amount the Group ranks first in the U.S. It has an extensive network of subsidiaries throughout the world including its affiliate in Russia LLC Merrill Lynch Securities which offers a wide range of corporate and investment-banking products to companies and financial institutions.