Vneshtorgbank, which services Russia's foreign trade, and the Export-Import Bank of Korea have signed an agreement on cooperation, the press service of the Russian bank reported. The document was signed by Young-Hoi Lee, the Chairman and President of the Korean bank, and Vladimir Dmitriyev, the Deputy Chairman of the Russian bank.
The agreement envisages the opening of a $30m line of credit for two years for Vneshtorgbank to carry out documentary operations for imports of Korean products.
In the near future the banks are expected to sign a framework agreement on financing trade, which is to broaden the set of instruments that will be used to make foreign trade payments, the press service specified.
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