S. Korea's Eximbank raises credit line with Russia's OAO Sberbank

The Export-Import Bank of Korea raised its credit line with Russia's OAO Sberbank to help finance South Korean companies' business projects.

The credit line to be offered to Korean firms based in Russia will be hiked to US$700 million as of Aug. 8, from $200 million.

"The funds will benefit those operating in energy, natural resources, construction and infrastructure fields across the Far East and Siberia region," Kim Yong-hwan, the Eximbank chief, said.

Eximbank also inked a trade refinancing deal on Tuesday with OAO Alfa-Bank, a another Russian bank.

Under the deal, Eximbank will directly provide financing to Russian buyers for imports of South Korean goods,it added. Eximbank has so far reached similar loan deals with six Russian banks worth around $1 billion, according to the policy lender.

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