OREANDA-NEWS. November 13, 2014. Sberbank of Russia and the Export-Import Bank of China signed a set of documents on financing Sino-Russian trade.

The banks have signed the following agreements:

Framework Agreement regarding lines of credit for USD 2 billion

Buyer Credit Loan Agreement for RMB 3.1 billion

Term-sheet for a buyer’s credit transaction covering supplies of Chinese equipment for a client of Sberbank

On behalf of Sberbank the agreements were signed by Herman Gref, CEO, Chairman of the Executive Board, and on behalf of Export-Import Bank of China – by Yuan Xingyong, Vice President.

The cooperation between two financial institutions started in 2010, when the now renewed Framework Agreement regarding lines of credit was initially signed. These new agreements focus on expanding long-term partnership between the banks to finance deals involving supply of goods and services by Chinese companies, infrastructure and energy projects and other types of cooperation in Russia, the CIS and in other countries where Sberbank Group in present.

Strengthening of ties between the countries create a wide range of opportunities to develop financing in domestic currencies. Taking advantage of the current environment Sberbank is making its primary interbank borrowing in RMB whilst the China Eximbank is going to transfer Chinese yuan abroad for the first time.

During the signing ceremony Herman Gref, CEO, Chairman of the Executive Board of Sberbank of Russia, stated: "Today we have signed three important documents which have formed the necessary legal infrastructure for our cooperation and fixed the terms and conditions of financing for particular deals between our clients. We at Sberbank look forward to continue to actively develop our cooperation with Export-Import Bank of China."