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Sberbank signed agreements with major financial organizations of the PRC
During the APEC summit, Sberbank of Russia signed agreements with the Export-Import Bank of China, the China Bank of Harbin and the China Export and Credit Insurance Corporation. It is reported by the press service of the Russian financial organization.
The documents signed between Sberbank and the Export-Import Bank of China are aimed at expanding long-term cooperation between banks to finance projects related to the supply of goods and services from China, joint investment projects, projects to localize production of goods by Chinese companies and other types of cooperation in Russia, CIS and other countries. In particular, the banks have updated the framework agreement on credit lines for a total of $ 2 billion and signed an agreement on a loan to customers to finance working capital in the amount of 3,1 billion yuan.
“The agreements provide for a wide range of financial solutions for our clients, including RMB-denominated instruments. We at Sberbank expect further active development of our cooperation with the Export-Import Bank of China, ”said Sberbank President German Gref.
During the summit, Sberbank also signed a $ 2 billion framework cooperation agreement with the China Export and Credit Insurance Corporation. In addition, a cooperation agreement was signed between Sberbank and the Chinese Bank of Harbin. Among other things, it stipulates the intention of Bank Harbin to provide Sberbank with a trade finance loan, which will be used by the Russian bank to finance its clients. “We have a significant number of joint projects planned - and we expect that several landmark deals will be implemented in the near future,” said German Gref at the signing ceremony.