Ex-Im Bank and Russia's Vnesheconombank Sign Memorandum of Understanding
WASHINGTON, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) and the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) today signed a memorandum of understanding to cooperate in financing U.S. exports to Russia.
Vnesheconombank Chairman Vladimir Dmitriev and Ex-Im Bank Chairman and President Fred P. Hochberg signed the document at the U.S. Chamber of Commerce in Washington, D.C. during Russian President Dmitry Medvedev's visit to the United States for a summit meeting with President Barack Obama. The signing opened the U.S.-Russia Business Dialogue & Summit held at the Chamber, attended by President Obama, President Medvedev, U.S. Commerce Secretary Gary Locke and Russian Minister of Economic Development Elvira Nabiullina.
Under the memorandum, Ex-Im Bank and Vnesheconombank will work together in financing U.S. sales of medical equipment, energy efficiency equipment and other goods and services to support Russias economic and technological growth, and U.S. exports and jobs.
This memorandum strengthens the long-standing partnership between Ex-Im Bank and Vnesheconombank, and promotes the already high level of trade and economic cooperation between the Russian Federation and the United States, said Ex-Im Bank Chairman and President Fred P. Hochberg. This agreement will support the growth of both our economies, while supporting U.S. jobs.
Ex-Im Bank is the official export credit agency of the United States. The independent, self-sustaining federal-government agency exists to fill gaps in export financing, strengthen U.S. export competitiveness, and create and maintain U.S. jobs. The Bank provides a variety of financing products, including working capital loan guarantees, export credit insurance, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services. Established in 1934, Ex-Im Bank has supported more than $400 billion of U.S. exports, primarily to developing markets worldwide.
State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) was created in 2007 through the reorganization of Vnesheconombank of the USSR, and acts in accordance with the Russian Federal Law On Bank for Development. Vnesheconombank's priority is to promote competitiveness of the Russian Federation economy. The Bank's activity is designed to modernize and boost non-raw materials economy, high-technology industries, as well as to stimulate innovation, infrastructure development and the export of high-tech products, and provide support for small and medium-sized enterprises.