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Eximbank ups credit line with Russian bank

All Headlines 17:07 August 08, 2012

By Kim Seung-yeon

SEOUL, Aug. 8 (Yonhap) -- The state-run Export-Import Bank of Korea (Eximbank) said Wednesday it has clinched a deal with a Russian bank to raise the credit line in a bid to help finance South Korean companies' business projects.

Under the agreement with OAO Sberbank, the largest lender in Russia, the credit line to be offered to Korean firms based in Russia will be hiked to US$700 million as of Aug. 8, from $200 million, the policy lender said in a statement.

"The funds will benefit those operating in energy, natural resources, construction and infrastructure fields across the Far East and Siberia region," Kim Yong-hwan, the Eximbank chief, said.

Meanwhile, as part of efforts to expand its business there, Eximbank inked a trade refinancing deal on Tuesday with OAO Alfa-Bank, a local private lender.

Under the deal, Eximbank will directly provide financing to Russian buyers for imports of South Korean goods, it added.

Eximbank has so far reached similar loan deals with six Russian banks worth around $1 billion, according to the policy lender.


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