By Andrei Skvarsky.
Japan Bank for International Cooperation (JBIC), is to provide Sberbank, Russia’s top lender, with a series of long-term loans to a total of $600m to finance Russian imports of goods and services from Japan under an agreement signed last week.
“We have been working with JBIC for a few years already and have successfully closed several important deals under the previous Loan Agreement,” a statement from Sberbank quoted its chief executive Herman Gref as saying at a ceremony during which he and Hiroshi Watanabe, chief executive of the Japanese state-owned bank, signed the loan deal.
“Signing of the new General Agreement today will enable us not only to increase the total volume of our cooperation to USD 600 million but also to enhance our capabilities in offering our clients efficient financing solutions for various types of projects including imports of highly technological Japanese goods and equipment and development of local production in Russia and other countries of our presence together with Japanese companies,” Gref said.
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