Eximbank of Russia and Vostochniy Bank to support Russian export companies
Vostochniy plans to select applications for financing of current operations from the companies that export high-technology products and services and to structure transactions for further purchase of the provided loans by Eximbank of Russia. As a result, the export company can count on a lower interest rate under the purchased loan. The parties are also considering the possibility of joint financing of the projects intended for development of the export potential of the Russian enterprises and companies. Besides, Eximbank of Russia will provide guarantee support to the export companies under the loans provided by Vostochniy bank. It is also planned that the liquidity of Eximbank of Russia will be used in the future to provide long-term credits to Russian export companies at affordable interest rates.
One of the key areas of operation will be the pre-export financing of the Russian companies by Vostochniy bank. Once the company receives the export company status and develops export contacts, Eximbank of Russia will start crediting its export component. The banks are going to launch a range of new projects in the near future.
Aleksei Kordichev, Chairman of the Board at Vostochniy Bank said, “If we make financing affordable to the national exporters, we will be able to increase not only the turnover, but also the positive balance of the foreign trade. This is especially important for the companies working with non-resource-based and high-technology products that can successfully compete abroad. Cooperation between Vostochniy bank and Eximbank of Russia will help the Russian producers receive affordable credits and, ultimately, win over the international markets.”
Andrei Poliakov, CEO of Eximbank on Russia: “We have managed to reach an agreement with the colleagues from Vostochniy bank within a really short period of time. I am confident that our cooperation will serve as a catalyst for the development of the export potential in the Far East. I would also like to stress that in the framework of the “Bank for Banks” program we are prepared to assume the credit risks leaving the receipts from the export revenues, conversion and settlement transactions at the initial credit bank. Therefore, the benefit of joint work is obvious to both the banks and the export companies.”