Moscow, London to finance projects in third countries together

Russia's Vneshekonombank /Foreign Trade Bank/ and the British Export Credits Guarantee Department signed an agreement on cooperation in London on Wednesday.

The agreement envisages cooperation in promoting projects involving Russian and British experts in third countries, including such sectors as export financing and provision of guarantees, the Russian Bank's press release reads.

The parties intend to carry out a joint assessment, preparation and approval of documents for the projects, as well as to conduct talks, for example, on technical aspects of their fulfilment. According to the agreement, the Bank and the Department will combine their efforts "to work out a joint strategy of action in complicated cases".

The document also stipulates that the Department will give British banks guarantees on projects with the share of Russian export deliveries not exceeding 15 per cent. These projects will not need any counter-guarantees from the Russian party.

It is the third agreement on support to Russian non-raw materials exports that the Vneshekonombank has signed with foreign state financial institutions, the press release reads. Earlier, it signed similar agreements with France and Germany.

The new agreement will give Russia a potential opportunity to participate in realising projects in Iraq, banking and foreign trade experts believe.

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