Russian Vneshekonombank and US Eximbank agree to develop cooperation

The Russian Vneshekonombank and the US Eximbank have signed an agreement to develop cooperation on experience exchange, Vneshekonombank chairman Vladimir Chernukhin reported. He is staying in Washington with a Russian delegation taking part in the autumn session of the IMF and WB managing bodies.

The Russian bank's chairman said that the agreement stipulated the establishment of an inter-bank working group on improving the contractual base of cooperation and exchange of information on Russo-US trade-investment projects. In addition, it is envisaged to develop cooperation in studying the US Eximbank's methodological approaches to estimating insurance markets.

"We find it very important to estimate the risk of this or that country, the cost of insurance and the probability of return of funds," Chernukhin said. According to him, it is also necessary to consider the correlation between a number of macroeconomic parameters of a country and correctly estimate the political risks.

The Vneshekonombank chairman stressed that the main issue was "how to choose the category of countries that, on the one hand, would be ready to consume domestic produce and, on the other hand, minimize the probability of non-return of funds." He recalled that cooperation with the US Eximbank complied with the recent decision of the Russian government on measures to support Russian export.

Since 1992, when Eximbank of the US and Russia's Vneshekonombank reached the first framework agreement, over 30 individual credit agreements to the tune of $1.169 billion, with $950 million used for credits, have been signed.