Alfa-Bank, the largest private bank in Russia, signed a memorandum of understanding with the Export Credits Guarantee Department at the 10th Intergovernmental Open Session of the Russian-British Committee on Trade and Investment.
Under the MoU, Alfa-Bank will receive a $50 million line of credit facility on favorable terms consistent with the OECD Arrangement on Guidelines for Officially Supported Export Credits from ECGD, the official Export Credit Agency of the British Government.
The credit will be used to finance contracts ranging from $1.64 million to $40.95 million entered into by Russian companies with British exporters.
Alfa Bank is the first Russian bank to have signed such a Memorandum with ECGD.
"For us it is a great honor to be the first Russian bank to have signed the memorandum," John Traynor, the head of transaction banking at Alfa-Bank, said. "This initiative gives evidence of our team's high professionalism and recognized achievements not only in the Russian market, but in the international markets as well. We consider this cooperation of strategic importance, and consistent with our aim to develop further financing solutions for our customers with largest partner countries."
Founded in 1990, Alfa-Bank is a universal bank offering main types of banking operations available on the financial market, including private and corporate customer services, investment banking, and leasing, commercial and structured financing.
- BELARUS MINISTRY OF FOREIGN AFFAIRS: Ambassador of Belarus V.Kolesnik meets the Deputy Secretary-General of ASEAN
- BANK OF GEORGIA: The Bank of Georgia has received the Global Finance Award for "Best Internet Banking for Businesses in Central and Eastern Europe"
- FIRST UKRAINIAN BANK - UKRAINE: FUIB doubled sales of OSAGO insurance policies
- CENTRAL BANK OF AZERBIJAN: On holding auctions on attracting funds by the Central Bank
- UNICREDIT - AZERBAIJAN: UniCredit launches first ETFs combining factor strategy with ESG criteria on European equities
- THE BLACK SEA TRADE AND DEVELOPMENT BANK: AIIB, EBRD and BSTDB co-finance expansion of Turkey’s largest geothermal power plant
- GOVERNMENT OF BELARUS: Lukashenko: Belarus wants to deepen economic ties with Latvia
- GOVERNMENT OF ARMENIA: Open Government Partnership Initiative Working Group Holds Meeting
- EUROPEAN INVESTMENT BANK: France: Derichebourg receives EIB financing of 130 million euros under the Juncker Plan
- INTERNATIONAL MONETARY FUND: IMF Executive Board Completes the Second Review under the Extended Credit Facility Arrangement and Approves US$25 Million Disbursement to Burkina Faso