Russia’s Sberbank has entered into an MoU with Kexim, the South Korean ECA.

The agreement will see the pair collaborate on the long-term financing of projects worth US$1.5bn and extends a relationship established with the US$700mn refinancing package Kexim extended to Sberbank in August 2012.

While no specific projects have been publicly earmarked for financing, the agreement will predominantly support infrastructure initiatives which use Korean products or services.

Andrey Ivanov, Sberbank’s head of trade finance and correspondent banking, says: “We consider our co-operation with Kexim as [being] very successful over the past few years.

“The new memorandum establishes new horizons for our banks in supporting co-operation between our clients with long-term financing throughout Russia, the CIS and a number of other countries.”