BNP Paribas and Vnesheconombank – (Bank for Development and Foreign Economic Affairs) signed today an agreement for developing their cooperation in Export Finance through a 300 million euro framework credit agreement. This agreement has been signed in presence of Victor Zubkov, Russian Prime Minister and Francois Fillon, French Prime Minister, by Vladimir Dmitriev, Chairman of Vnesheconombank and Georges Chodron de Courcel, COO of BNP Paribas.
Under this Export Finance cooperation agreement, the parties have decided to set up a procedure to facilitate the financing under Export Credit scheme of commercial contracts for the supply to Russian Buyers of capital goods and/or services.
After the signature, Georges Chodron de Courcel declared: “This agreement reinforces the cooperation between BNP Paribas and VEB, a key actor in the development of the Russian economy. Russia is at the core of the international strategy of BNP Paribas, a world leader in Export and Commodities Finance. Sharing our knowledge and expertise with VEB in key sectors of the russian economy will strengthen BNP Paribas' commitment to Russia. ”
Vnesheconombank shall act to promote competitiveness of the Russian Federation economy, its diversification, encouragement of investment activity through investment, foreign economic, insurance, consultancy and other activity contemplated hereby in order to implement projects in the Russian Federation and abroad, including projects involving foreign capital, aimed at development of infrastructure, innovations, special economic zones, environmental protection, support of export of Russian goods, works and services, as well as small and medium business support.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 5 strongest banks in the world according to Standard & Poor's. The group is present in over 85 countries, with 155,000 employees, including 123,000 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank's two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
BNP Paribas has proven capabilities in Project Finance, Export Finance and Energy and Commodity Structured Debt.