EDC and Sberbank form trade finance partnership
Canada’s export credit agency EDC has entered into a trade finance partnership with Sberbank to increase Canadian trade in the Russian Federation.
Under the agreement, EDC will provide US$275mn to Sberbank’s customers buying Canadian supply and services. The partnership aims to increase the volume of Canadian trade in Russia while improving access to financing for Russian buyers of Canadian exports.
"Sberbank's customers include many of the largest Russian buyers of foreign goods and services, providing a well-placed and relevant partner for Canadian companies looking to grow their business in the Russian Federation," says Rajesh Sharma, EDC senior vice-president, business development.