Russia’s Gazprombank has received a US$500mn export credit line from Japanese banks and export credit agencies.
The Japan Bank for International Co-operation (JBIC) has extended US$300mn, with the remaining US$200mn provided by private financial institutions.
The agreement will help Gazprombank extend medium and long-term loans in yen or US dollars to companies in Russia and neighbouring countries for the purchase of Japanese machinery and equipment.
This is the third export credit line extended by JBIC to Gazprombank since 2007, but the first one targeting Azerbaijan, Belarus, Kazakhstan, Turkmenistan and Uzbekistan as well as Russia. These are all countries with which Japan expects to strengthen trade ties, JBIC says.