JBIC, Sberbank sign agreement on Japanese exports to Russia

The Japan Bank for International Cooperation (JBIC) signed a general agreement with Sberbank of Russia (Sberbank), the largest commercial bank in Russia, for offering an export credit line amounting to the equivalent of 360 million U.S. dollars (JBIC portion) to finance Japanese exports to Russia and its neighboring countries (including in the CIS countries and Central Asia). The credit line is co-financed with private financial institutions, which brings the overall co-financing amount to the equivalent of US$600 million. Under this agreement, an export credit line is offered for Sberbank to extend medium- and long-term loans, either in yen or in U.S. dollars, to local companies in Russia and its neighboring countries for the purchase of construction machinery for infrastructure development and other general equipment related to infrastructure and medical treatment as well as those related to renewable energy such as geothermal, wind, biomass, solar photovoltaic and solar thermal energy and those related to the sector of climate change mitigation such as thermal power plants with CCS facilities CCS projects, waste to energy projects, hybrid power* plants, combined heat and power projects, district heating and/or cooling-related projects.

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