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The China Export and Import Bank (Eximbank) and the Russian Bank for Foreign Trade signed a framework agreement here on Tuesday providing for the extension of a US$100 million export buyers' credit by Eximbank.
According to the agreement, the two sides will draw up specific projects for the use of the credit, which is valid for two years.
At the signing ceremony, representatives from the two banks agreed that there is great potential in developing financial cooperation. The agreement signed today will provide financial support for enterprises from both countries to carry out extensive economic and trade cooperation.
A spokesman for Eximbank said that over the past few years, it has listed Russia as one of its target markets for developing the export buyers' credit business. The Eximbank's efforts in this respect will help Chinese enterprises to develop in the Russian market.
(Xinhua News Agency December 3, 2002)
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