The funds will go towards financing German and European exports to Russia over the next two years. Under the agreement export financings to Russia that are backed by export credit insurance (Hermes cover) can be financed via VEB, which can in turn refinance with KfW IPEX-Bank under the credit framework.
The aim is to facilitate financing for deliveries of investment goods to the Russian Federation which are experiencing financing difficulties owing to the current financial crisis. The funds will help to safeguard jobs in Germany's and Europe's export industry while also contributing to broadening the economic relations between Germany and Russia.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe. It has approx. 490 employees (as of July 2009) and is represented in the key economic and financial centres throughout the globe.
About the State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)'
The State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' was created in 2007 by means of reorganisation of Vnesheconombank of the USSR and acts in accordance with the Russian Federal Law On Development Bank. Vnesheconombank's priority is to promote the competitiveness of the Russian Federation's economy. The bank's activities are designed to modernise and boost the non-raw materials economy and high-technology industries as well as to stimulate innovations, infrastructure development and the export of high-tech products while also providing support for small and medium-sized enterprises.
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