DZ Bank and Sberbank have signed a €3bn loan agreement to finance import contracts between Sberbank clients and European producers.

The long-term credit loan agreement includes export credit agency cover and will fund trade between Russia and Germany.

CEO of Sberbank Herman Gref explains that because of the growing demand for financing investment programmes and the deficiency of inexpensive long-term funding in the Russian market, closing the deal marks a significant step.

“Sberbank is actively evolving its business line related to long-term financing of its client’s investment projects by attracting funds from international markets. We also foresee a positive effect of this agreement for further development of international trade between Russia and Germany and other OECD countries.”

He continues: “(The) signing of these agreements is an important step for further growth of cooperation between our banks that will expand the German-Russian trade and economic relations.”