Sberbank and Hungarian bank sign cooperation agreement

Sberbank of Russia and Eximbank of Hungary (Hungarian Export-Import Bank) signed a cooperation agreement. According to the press service of Sberbank, the agreement envisages the possibility of financing without state guarantees for short-, medium- and long-term projects of the clients of Sberbank of Russia, who supply Hungarian goods and services to the Russian market. The document, according to the press service of Sberbank, determines the two major guidelines of the banks' cooperation. According to the first one, Eximbank of Hungary gives direct credits to Sberbank, which are aimed at financing the projects of the Russian bank's clients related to Hungarian products and services imports to the Russian market. The second one includes the guarantees provided by Eximbank of Hungary for the credits given by Hungarian commercial banks or by Eximbank of Hungary to Russian importers against the guarantees of Sberbank. The term of financing of Eximbank's line is up to five years depending on the particular project.

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