Export-Import Bank of Korea (Kexim) has increased its existing credit line with Sberbank to enhance trade flows between South Korea and Russia.

Sberbank’s two-step loan agreement has been increased to US$700mn from US$200mn and will support the co-operation between Russian and Korean manufacturing companies.

According to Sberbank, one of the advantages offered by the agreement is the possibility to finance contracts from Russian companies not only with Korean exporters directly, but also with their Russian representatives and dealers.

Kexim chairman and president Kim Yong Hwan says: “Today’s signing of these agreements will enable Kexim and Sberbank to reinforce the economic co-operation between Korea and Russia. We look forward to active co-operation with Sberbank in various areas including finance for trade, investment and energy/infrastructure projects, which will contribute to the economic growth in both countries.”