OREANDA-NEWS. November 18, 2013. Sberbank of Russia and Export-Import Bank of Korea (KEXIM) signed Memorandum of Understanding for Cooperation on Long-Term Financing of Projects for the amount of USD 1.5 billion.

On behalf of KEXIM the General Agreement was signed by Yong Hwan Kim, Chairman, President and on behalf of Sberbank of Russia Andrey Ivanov, Head of Trade Finance and Correspondent Relations.

In August 2012 KEXIM and Sberbank signed Refinancing Agreement and Amendment Agreement No.1 to Untied Two-Step Loan Agreement for USD 700 million which both are actively utilized.

The new Memorandum of Understanding is focused on expansion of long-term cooperation between banks on financing of projects involving Korean supplies of capital goods and services, joint investment projects, including those in the area of infrastructure, localization of production of goods by Korean companies and other types of cooperation in Russia, CIS and other countries of presence of Sberbank Group.

During the signing ceremony Andrey Ivanov stated: "We consider our cooperation with KEXIM as very successful over the past few years. I am happy that this year we managed to utilize more than a half of the Untied Two Step Loan Facility signed earlier. The new Memorandum establishes new horizons for our banks in supporting cooperation of our clients with long-term financing throughout the wide international network of Sberbank Group which today includes not only Russia but also CIS and a number of other countries".