- Region: Europe
- Machinery and Equipment
April 30, 2013
- The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed on April 29 (Moscow time), a memorandum of understanding (MOU) with Vnesheconombank (VEB), an official financial institution wholly-owned by the Government of the Russian Federation, on establishing a cooperative framework for extending bank-to-bank loan (B/L)1 to VEB. The signing took place during the visit of Prime Minister Shinzo Abe to Russia.
- The MOU is intended to start discussion, between JBIC and VEB, on extending B/L to VEB for supporting export to Russia by Japanese companies.
- JBIC has provided several export bank loans to VEB, and this time the MOU was signed to strengthen the cooperative relationship between two banks upon VEB's request.
- JBIC will continue to support export of Japanese companies to Russia through close collaboration with VEB, thus contributing to maintaining and improving the international competitiveness, as well as expansion of business opportunities, of Japanese companies.
- *1 B/L is a form of bank loans in which JBIC supports foreign importers of Japanese machinery and equipment by providing the import financing through the credit line to foreign banks.