Export Development Canada opens $275-mln credit facility for Sberbank
MOSCOW. March 30 (Interfax) - Export lending agency Export Development Canada (EDC) has opened a $275-million, three-year credit facility for Sberbank with the aim of providing lending for the Russian state-owned bank's corporate clients who are purchasing Canadian goods and services, Sberbank said in a press release.
Funds will be provided in the context of an agreement on trade financing, signed by EDC and Sberbank, which aims to boost trade turnover between Canada and Russia.
Throughout the three years envisaged in the credit agreement, Sberbank and EDC will coordinate their actions and carry out special activities in the framework of their partnership, the press release said.
Among its clients, Sberbank has many major Russian importers of goods and services, which could become permanent partners with Canadian companies wishing to develop their activities in Russia. In addition to the provision of this financing, EDC is glad to work with Sberbank on several major areas of cooperation for the further development of trade between Russia and Canada, Senior Vice President for EDC's Business Department Department Rajesh Sharma is quoted as saying in the press release.
EDC provides innovative commercial solutions for Canadian importers and investors, with the goal of developing their international activities. Over 7,700 Canadian companies operating on 200 markets around the world cooperate with EDC.