Russia’s Bank for Development and Foreign Economic Affairs (Vnesheconombank) and the Export-Import Bank of Korea have signed a framework agreement on cooperation.
The agreement was signed by the Russian bank’s chairman Vladimir Dmitriev, and Dong Su Chin, chairman of Kexim.
Under the framework, both entities aim to work together to finance investment projects, with top priority given to projects in power engineering, infrastructure of housing services, aircraft construction, shipbuilding, transport and timber processing industry, as well as to projects aimed at using natural resources in a more efficient and environmentally friendly manner.
Both parties have also agreed to consider projects worth over US$85mn, with payback periods of five years.
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