Indian Eximbank, Russian Vneshekonombank Sign Pact In Moscow

A credit agreement was signed Monday between Indian Eximbank and Russian Vneshekonombank during a visit of Indian Prime Minister Atal Bihari Vajpayee to Moscow. The agreement includes extending a credit of ten million dollars for purchasing Indian goods without sovereign guarantees to the Russian Federation, the Vneshekonombank press service reported. According to the agreement, the role of Vneshekonombank is that of a debtor. Sources in the press service stressed that signing the agreement between Indian Eximbank and Vneshekonombank is a new step in developing co-operation of the two banks. Collaboration agreement was signed in October of the last year; it was aimed at strengthening mutually beneficial collaboration between Russia and India. Vneshekonombank is a leading financial body which has been providing for trade relations between Russia and India for many years. It has consulates in Delhi and Bombay, the press service concluded.