(BelTA) – The Russian bank Vnesheconombank (VEB) and the Belarusian bank BelVEB Bank signed a framework agreement on financing Russian export on 29 July, BelTA has learned.

The agreement stipulates general terms for Vnesheconombank to extend credit lines to BelVEB Bank for the Belarusian bank to finance Belarus residents (importers), which make transactions as part of foreign trade contracts signed with Russian corporations (exporters) for the delivery of Russian products (industrial goods, products, services) to Belarus.

Financing high-tech exports is the idea. The first credits are supposed to be available soon.

The agreement is a framework one. It stipulates general terms of providing loans. In compliance with the international practice it is designed to minimize credit documents involved in the implementation of individual credit deals. In turn, it will allow considerably reducing the time spent on preparing for and organizing the financing of projects of enterprises.

The agreement will enable additional opportunities to finance deals on terms that appeal to corporations as far as the size of the interest rate and the loan period are concerned.