MOSCOW, September 30 (RIA Novosti) - Russia's state-controlled lender Vnesheconombank and the Export-Import Bank of Korea have signed a $200 million framework loan agreement, Vnesheconombank's press office said on Tuesday.
The deal, signed during a three-day visit by South Korean President Lee Myung-bak to Moscow, stipulates the provision of loans to Vnesheconombank to finance projects in Russia for a term of at least 48 months, with a grace period of up to four years.
Vnesheconombank, the Bank for Development and Foreign Economic Affairs, was established by the Russian government last year as a national development vehicle to modernize and diversify the Russian economy and make it more competitive.
Vnesheconombank will use the loans to lend money to Russian companies purchasing goods and services from South Korea with approval from the Export-Import Bank of South Korea, the Russian lender said.
